Dole, Fresh Express terminate $293 million acquisition
Dole, Fresh Express terminate $293 million acquisition
Dole and Fresh Express have agreed to terminate the previously announced agreement under which Fresh Express would have acquired Dole’s fresh vegetables division for approximately $293 million in cash. This termination is the result of the U.S. Department of Justice’s decision that it will pursue litigation to prevent the transaction.
While Dole said it strongly disagrees with the Department of Justice’s decision and continues to believe that the transaction was pro-competitive and would have unlocked ongoing benefits to customers and consumers, it remains confident that it will have an alternative path forward in the near term that is in the best interests of the fresh vegetables division’s employees, customers and partners — and the Dole plc shareholders.
Dole's fresh vegetables division comprises operations related to the processing and sale of whole produce such as Iceberg, Romaine, leaf lettuces, cauliflower, broccoli, celery, asparagus, artichokes, green onions, sprouts, radishes and cabbage, as well as salads and meal kits.
In the financial year ended Dec. 31, 2021, the Fresh Vegetables Division reported revenue of $1.28 billion. The business has agricultural operations and four processing plants across the United States and employs more than 3,000 people.
