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Dole CEO Takes Company Private

August 14, 2013
by candyandsnacktoday

Westlake Village, CA — Dole Food Co., Inc. Chairman and CEO David Murdock is acquiring an additional 60 percent of the company’s shares, making him the sole shareholder of the newly private company.

A committee of directors unanimously approved the $1.6 billion transaction in which shareholders will receive $13.50 per share, a $1.50 increase from Murdock’s initial proposal in June. Once majority shareholders give the deal their final approval, other suitors may offer proposals during a 30-day period. Deutsche Bank, Bank of America and The Bank of Nova Scotia are financing the cash-equity agreement, which is expected to close in the fourth quarter of this year.

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