Dole David Murdock

Dole chief executive officer and chairman David Murdock

Dole Food Company shareholders will vote on a proposed bid to take the fresh fruit and vegetable marketer private this week.

In August, Dole signed a merger agreement with its chief executive and chairman David Murdock, who offered the group US$13.50 per share to take the group private.

Murdock currently holds a majority 40 per cent stake in the company and in June announced his intention to purchase the remaining shares for an opening offer of US$12 per share.

However, the US$1.6bn deal requires majority approval from shareholders other than Murdock.A special shareholder meeting will be held at the company’s Californian headquarters on Thursday (31 October). Dole has indicated it will close the deal within 48 hours of the meeting if it has shareholder approval.

Topics