Dole Food CEO Murdock Makes $645 Million Bid for Rest of Shares
This article is for subscribers only.
Dole Food Co. Chairman and Chief Executive Officer David Murdock offered about $645 million to buy out other shareholders of the fresh fruit and vegetable producer, saying stock markets are too concerned with short-term results.
Murdock will pay $12 a share in cash for the 60 percent stake in Westlake Village, California-based Dole that’s not owned by him or his family, he said today in a statement. The offer is 18 percent more than the company’s closing price yesterday. Dole rose 22 percent to $12.46 in New York, the biggest gain since it resumed public trading in 2009.