Dole Food Company, David Murdock Announce Merger Agreement - Quick Facts

(RTTNews) - Dole Food Company Inc. (DOLE) and David Murdock, Dole's Chairman and CEO, announced they have signed a merger agreement. Murdock, acting through his affiliates, will acquire all the outstanding shares of Dole common stock not currently beneficially held by him. Dole stockholders will receive $13.50 in cash for each share. The transaction, with the assumption of debt, places the total enterprise value of Dole at approximately $1.6 billion.

The merger agreement provides for a "go-shop" period of 30 days, during which the special committee, with the assistance of Lazard, will actively solicit, receive, evaluate and potentially enter into negotiations with parties that offer alternative proposals.

The transaction is also 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.