WESTLAKE VILLAGE, CALIF. — David H. Murdock, chairman and chief executive officer of Dole Food Company, Inc., has offered to acquire all outstanding shares of the company’s common stock for $12 per share in cash.
Mr. Murdock currently has about a 39.5% stake in Dole Food Co., which has about 89.5 million outstanding shares, according to FactSet.
Dole’s board of directors will meet over the next few days to discuss the unsolicited proposal and its implications for the company and its stockholders.
With 2012 revenues from continuing operations of $4.2 billion, Dole is one of the world’s largest producers and marketers of fresh fruit and vegetables.
After closing at $10.20 per share on June 10, pre-market trading for Dole shares was up nearly 22% on June 11 following the announcement.