We are investigating the proposed acquisition of Dole Food Company Inc. (Dole) (NYSE: DOLE) by the Company’s Chairman and CEO, and largest shareholder, David H. Murdock.
On June 11, 2013, Dole announced that it had received an offer from Murdock to acquire all of the Company’s outstanding shares that he does not already own for $12/share in cash. Murdock is presently Dole’s largest shareholder with a nearly 40% stake.
The take-private bid comes just two weeks after Dole suddenly suspended a recently announced $200 million stock buyback program and warned of continued losses in its strawberry business. The proposal thus may be timed to exploit weakness in Dole’s stock price after it traded as high as $15.19/share on September 12, 2012.
The offer price is also below the $12.50/share at which Murdock took Dole public in October 2009.
Our investigation concerns the fairness of Murdock’s proposal, and the adequacy of the procedures adopted by Dole to respond to the proposal.
Persons with relevant information, and Dole shareholders with questions about this investigation, are invited to contact our Firm by using the form below, or calling the attorney appearing in the right sidebar.