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Sunday, Aug 18
Oklahoma Police Fund sues Dole CEO over acquisition offer
- The Oklahoma Police Pension & Retirement System has sued Dole Food (DOLE) CEO David Murdock over his $13.50-a-share bid for the 60% of the company that he or his family doesn't own, saying the "grossly unfair transaction" would shortchange shareholders. The proposal values the fruit and vegetable producer at $1.21B, the same as its market cap.
- The fund, which holds around 90,000 Dole shares, also sued company execs who assessed the deal, saying they are not properly independent.
- Dole was sued by other shareholders in June over a lower bid by Murdock that was worth $12 a share.