Dole shareholders have given their approval for a buyout agreement which allows chairman and chief executive officer David H Murdock to purchase the remaining 76 per cent of the company not already owned by him and his family. The sale price is $33.50 per share in cash, some $1.44bn.

This could see the end of the nine-month effort by Murdock to take the company into private hands. He agreed at the end of last year to increase his offer by some $4 to today's $33.50 figure.

In a company press release, Dole stated that votes for the merger totalled approximately 43.3 million shares, or 77 per cent of the outstanding shares. Votes against it totalled approximately 386,514 shares and holders of 29,967 shares abstained. Approximately 70 per cent of the shares held by stockholders other than Murdock and his affiliates voted for the merger.

'I am very pleased that Dole stockholders voted in favour of the going-private merger transaction,' said Murdock.

The transaction is expected to close promptly following completion of the necessary financing, possibly before the weekend.

Dole revenues reached $4.4 bn last year making it the world's largest producer and marketer of fresh produce and flowers.

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