Vegetable and fruit producer Dole Food Co Inc said it agreed to be taken private by Chairman and Chief Executive David Murdock after he raised his offer to $13.50 per share, Reuters reported.
Aug 12 (Reuters) – Vegetable and fruit producer Dole Food Co Inc said it agreed to be taken private by Chairman and Chief Executive David Murdock after he raised his offer to $13.50 per share.
Murdock, who is Dole’s largest shareholder with a stake of about 40 percent, made an offer in June to buy the rest of the company for $12 per share.
The latest offer represents a 32 percent premium to Dole’s stock price before Murdock made his initial offer.
Dole shares rose 5 percent to $13.46 in premarket trade.
The new offer values the company at $1.2 billion, excluding debt.
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