Dole Food says it has received no other offers better than that made by Chairman and Chief Executive Officer David Murdock in a deal that values the fresh fruit and vegetable producer and marketer at $1.21 billion.
Murdock is the founder of the N.C. Research Campus in Kannapolis and maintains a residence in the North Carolina city.
In a statement issued this week, Dole said it didn’t receive any alternatives to Murdock’s offer.
The company announced the end of a 30-day “go-shop” period. The buyout by Murdock is expected to close in the fourth quarter, subject to shareholder and regulatory approvals.
In August, Dole agreed to a higher takeover offer from Murdock in a deal that valued the fresh fruit and vegetable producer and marketer at $1.21 billion.
Murdock raised his offer to $13.50 a share in cash, the Westlake Village, California based company. That’s a 13 percent boost from the $12 a share Murdock, 90, offered in June for the 60 percent of the company not already owned by him or his family.
Murdock, who served as CEO between 1985 and 2007, returned to the role in February. He took the company private once before, in 2003, and has said he wants to do so again to remove “the concern that a public company must have for the investing public’s short-term expectations.”
Dole has been unprofitable in two of the last three years and according to one analyst’s estimate it’s forecast to lose $11.3 million in 2013. Sales declined in 2012 after the company divested European businesses and as banana prices fell in North America.
The transaction will be paid for with cash and equity contributed by Murdock as well as financing from Deutsche Bank AG, Bank of America Corp. and the Bank of Nova Scotia. The deal, expected to close during the fourth quarter, includes a 30-day “go-shop” period during which the board may consider alternate proposals.
Murdock is the founder of the North Carolina Research Campus in Kannapolis. He also maintains a residence there,
