2014 readers choice results
Article updated: 6/11/2013 7:32 AM

Dole CEO makes buyout bid; values co. at $1.07B

Dole Food’s Chairman and CEO David Murdock

Dole Food's Chairman and CEO David Murdock

 

Associated Press

 1 of 1 
 
text size: AAA
By Associated Press

WESTLAKE VILLAGE, Calif. -- Dole Food's Chairman and CEO David Murdock and his family are offering to buy the business with a bid that values the entire company at approximately $1.07 billion.

Shares jumped in premarket trading on Tuesday.

Advertisement

Murdock and other family members are making an unsolicited offer of $12 per share for the shares of the company that they don't already own. That's an 18 percent premium to Dole's closing price Monday of $10.20. Dole Food Co. currently has about 89.5 million outstanding shares, according to FactSet.

The fresh fruit and vegetable company said that its board will be meeting over the next several days to create a special committee of independent directors to assess the bid.

Dole also said that it is only in the beginning stages of evaluating the offer and that no decisions have been made by the board about the offer.

Dole, which is based in Westlake Village, Calif., had 2012 revenue from continuing operations of $4.2 billion. In March the company reported a fourth-quarter adjusted loss from continuing operations and revenue that was below Wall Street's expectations.

Its stock added $1.65, or 16.1 percent, to $11.85 before the market open.

Comments ()
We are now using Facebook comments to offer a more inclusive, social and constructive discussion. Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked. If a comment violates these standards or our terms of service, click the X in the upper right corner of the comment box. To find our more, read our FAQ.

This article filed under

Business Video
Area Business Calendar

BusinessDirectory

Connect with a business or service in your area fast. First select a town, then enter a search term or choose one of the listed popular searches:

Don't see your town listed? Visit our full directory to begin your search.

MostViewed

Today
Yesterday
Most Commented
Top Jobs

    View all Top Jobs Place a job ad

    DHExtras

       
    • Newspaper next section - Newspaper next section Report card checker - report card checker
    • Dh innovation award 2 - Dh innovation award 2 Zillow /real estate page
    • Discuss refer On Guard series
    • Newspaper archives -- Monday or anyday Mike North

    FacebookActivity