The remaining stock Murdock seeks to buy in cash is some 76 per cent and at $29.50 a share would cost $2.5bn. This share price is 20 per cent above the value at the market's close on September 20. Murdock is reported to have some financial commitment from Deutsche Bank in addition to his own funding.

Dole's board will meet this week to establish a committee of independent directors to consider the proposal and its implications.

Dole is the largest global producer and marketeer of fresh produce and a substantial part of its business is dependent on the banana trade. This has suffered from global oversupply as well as uncertainty and speculation on the EU market due to the union's changing import regime. As a result, Dole has felt the pressure and closed some of its Latin American operations.

Nevertheless, share values have been performing well this year rising by some 25 per cent and in 2001 the company's total revenue reached $4.5bn.

Murdock is reportedly hopeful of reaching an agreement with Dole by November 6.

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