WESTLAKE VILLAGE, Calif. — Dole Food said Monday that its CEO will take it private, in a deal that values the company at approximately $1.21 billion.
Dole shareholders will receive $13.50 per share, a 5 percent premium to its $12.81 Friday closing price. This is a sweetened bid for the fresh fruits and vegetable business, up from the $12 per share chairman and CEO David Murdock offered in June.
The company put the transaction’s total value at about $1.6 billion, which includes debt.
Dole Food Company Inc.’s stock jumped 68 cents, or 5.3 percent, to close at $13.49 Monday.
Dole sold its packaged foods and Asia fresh business for $1.69 billion in a deal that closed in April. That allowed Dole to become solely an international commodity produce company, with a narrower focus that also makes its earnings more volatile.
Dole’s board unanimously approved the offer, which needs the approval of at least a majority of outstanding shares held by stockholders other than Murdock and his affiliates.