David H. Murdock Completes Acquisition of Dole Food Company, Inc.
WESTLAKE VILLAGE, Calif. -- November 1, 2013
Dole Food Company, Inc. (NYSE: DOLE) today announced that David H. Murdock,
Dole’s Chairman and Chief Executive Officer, has completed his acquisition of
Dole Food Company, Inc. The $13.50 per share purchase price represents a total
valuation of Dole at over $1.6 billion, including net debt, fees and expenses.
The going-private merger agreement was approved on October 31, 2013 at a
special meeting of the Dole stockholders. Dole announced that its shares of
common stock will cease to be traded on The New York Stock Exchange effective
at the close of business today.
“I am pleased to have concluded the acquisition of Dole and wish to thank our
many loyal stockholders. Our stockholders certainly benefitted from a very
robust special committee process and the extraordinarily high valuation for
the Company. The $13.50 price per share is considerably higher than Dole’s
historical stock trading price average,” said Mr. Murdock. “I plan to have
Dole support my strong personal commitment to promoting a lifestyle and diet
which includes significant emphasis on fruits and vegetables and proper
nutrition as a basis for improved health and longevity. We will continue to
support research efforts to study the impact of nutrition on health and
longevity at universities and other non-profit institutions, and to write
books and publications in order to broaden our collective knowledge base on
the value and benefits from eating fruits and vegetables.”
Mr. Murdock was advised by Deutsche Bank Securities and Paul Hastings LLP. The
Special Committee of Dole’s Board of Directors was advised by Lazard and
Sullivan & Cromwell LLP. The Company was advised by Gibson, Dunn & Crutcher
LLP. “We very much appreciate the extraordinary effort of Dole’s management
team and these highly professional and experienced bankers and legal advisors
who worked tirelessly with management to complete this transaction,” said C.
Michael Carter, Dole’s President and Chief Operating Officer.
About Dole Food Company, Inc.
Dole Food Company, Inc., with 2012 revenues from continuing operations of $4.2
billion, is one of the world’s largest producers and marketers of high-quality
fresh fruit and fresh vegetables. Dole is an industry leader in many of the
products it sells, as well as in nutrition education and research. For more
information, please visit www.dole.com or http://investors.dole.com.
This release contains “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995. Such statements relate to a
variety of matters, including, but not limited to, expectations, intentions
and plans contained in this press release that are not historical fact. These
forward-looking statements are made on the basis of the current beliefs,
expectations and assumptions of the management of Dole and are subject to
significant risks and uncertainty. Readers are cautioned not to place undue
reliance on any such forward-looking statements.
Factors that could cause actual results to differ materially from the
forward-looking statements contained herein include, but are not limited to:
risks arising from the merger’s diversion of management’s attention from
Dole’s ongoing business operations; potential adverse reactions or changes to
business or employee relationships resulting from the completion of the
merger; litigation or adverse judgments relating to the merger; the amount of
the costs, fees, expenses and charges related to the merger agreement and the
merger; and any changes in general economic and/or industry-specific
Certain of these and other risks and uncertainties that could cause actual
results to differ materially from those described in the forward-looking
statements are set forth in the documents filed by Dole with the SEC,
including Dole’s Annual Report on Form 10-K under the heading “Risk Factors.”
All forward-looking statements contained in this press release speak only as
of the date on which they were made. Dole undertakes no obligation to update
such statements to reflect events that occur or circumstances that exist after
the date on which they were made.
Dole Food Company, Inc.
C. Michael Carter, (818) 879-6801
Press spacebar to pause and continue. Press esc to stop.