In close vote, Dole stockholders approve sale to CEO
In close vote, Dole stockholders approve sale to CEO
Dole Food Co. announced that its stockholders approved the sale of the company to its chairman and chief executive officer, David Murdock, in a $1.2 billion deal.
At a special meeting held Oct. 31 at the company's headquarters in Westlake Village, CA, 50.9 percent of stockholders not associated with Murdock, 91, approved the deal that will take the company private. Approval of the deal required a majority of shares not controlled by Murdock.
Murdock currently controls 39.5 percent of the stock and offered $13.50 per share, up from the $12 he offered in June.
This is the second time in a decade that Murdock has taken the company private. In 2003, he offered $33.50 per share in a deal valued at $2.5 billion. He relisted Dole in a $1.1 billion IPO in 2009.
The deal was expected to close Nov. 1, upon which time it will be delisted from the New York Stock Exchange.