The CEO of Dole Food of the US yesterday [Sunday] offered to buy the 76% stake in the world’s largest producer of fresh fruits that he does not already own for about US$1.26bn in cash.

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David Murdock, who is also chairman of Dole, said he would also assume the company’s outstanding debt, bringing the value of his bid to $2.5bn. At $29.50 per share, the offer represents a 21% premium on Dole’s closing price on the New York Stock Exchange of $24.49.


Murdock said his adviser, Deutsche Bank, had sent him a “highly confident” letter concerning the provision of funding for the deal. The offer is contingent on executing a “binding agreement” by 6 November.


The Dole board today confirmed that it had received Murdock’s offer and would establish a special committee of independent directors to consider it.

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