Billionaire David Murdock and his family currently owns 40 percent of Dole Food Company, the world's largest fresh fruit and vegetable producer. Murdock had approached the other members of the board of directors with an offer in June to purchase all outstanding shares of the company for a total of $651 million, or $12 per share. After much discussion, it was agreed upon that Murdock would be allowed to buy the remaining 60 percent for $733 million, or $13.50 per share. Dole's board of directors stated that the agreed upon offer is "fair to and in the best interests of the company and the stockholders of the company other than Mr. Murdock."
A majority of the shareholders of Dole Foods would still need to approve the sale. The company was established in Hawaii in 1901 as Hawaiian Pineapple Company. Dole Foods still owns about 25,000 acres of land on Oahu.
Source: Honolulu Star Advertiser, 8-13-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
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