CEO David Murdock buys remaining shares in Dole Food

Under the terms of the merger agreement, Dole stockholders will receive $13.50 in cash for each share of Dole common stock that they hold, in a transaction which (with the assumption of debt) places the total enterprise value of Dole at approximately $1.6bn.

This price represents an increase of $1.50 per share from the original proposal Murdock delivered to Dole on 10 June 2013, and a premium of 32% over the $10.20 per share price of the stock immediately prior to such proposal.

The board of directors of Dole (with Murdock abstaining), acting on the unanimous recommendation of a special committee of independent and disinterested directors, unanimously approved the merger agreement pursuant to which Murdock will take the company private.

The transaction is subject to a number of conditions, including approval by at least a majority of the outstanding shares of common stock held by stockholders of Dole other than Murdock and his affiliates. The special committee was formed after Murdock delivered the original proposal to Dole.

The transaction is expected to close during the fourth quarter of 2013.

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