Dole Foods gets buyout bid from CEO and family; values entire co. at about $1.07 billion

WESTLAKE VILLAGE, Calif. – Dole Food’s Chairman and CEO David Murdock and his family are offering to buy the business with a bid that values the entire company at approximately $1.07 billion.

Murdock and other family members are offering $12 per share. That’s an 18 per cent premium to Dole’s closing price Monday of $10.20. Dole Food Co. currently has about 89.5 million outstanding shares, according to FactSet.

The fresh fruit and vegetable company said Tuesday that its board will create a special committee of independent directors to assess the bid.

Dole also said that it is only in the beginning stages of evaluating the offer and that no decisions have been made by the board about the offer.

Dole had 2012 revenue from continuing operations of $4.2 billion.

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