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The special committee should reject Murdock's offer of $12.00/share. Dole has previously highlighted $500mm ($5.56/share) of non-core assets, and there have been three consecutive weak years in the core banana business. 46% of Murdock's takeout price consists of things that can be sold without affecting the earnings prospects of the core business in any way. The key question for Dole following the divestiture of its Asia segment has been whether a private owner or the public markets should preside over the disposition and related cash distribution of this $5.56/share.

The company announced a planned buyback of $175mm on 5/9/13 with proceeds from the sale of land in Hawaii, and so it seemed that a big part of the overriding non-core...

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