Oklahoma Police Fund sues Dole CEO over acquisition offer

|About: Dole Food Company, Inc. (DOLE)|By:, SA News Editor

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.