Mike Winston • 19 Comments
The Sociology of Finance
The Sociology of Finance
Oct. 20, 2013, 2:38 AM
- Proxy Advisory firm Institutional Shareholder Services (ISS) has recommended that Dole Food's (DOLE) investors support the company's $1.2B acquisition by Chairman and CEO David Murdock at a special meeting on October 31.
- ISS cited the "meaningful premium offered to Dole's unaffiliated shareholders" as a reason for its recommendation.
- Following Murdock's bid for the fruit-and-vegetable producer in August, Dole didn't receive any other offers during the "go-shop" period.
Aug. 18, 2013, 1:14 AM
- 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.
Aug. 12, 2013, 9:24 AM
- Dole Food (DOLE) says it worked out an agreement with David Murdock to sell the company back to its previous owner for $13.50 per share.
- The buyout price is $1.50 higher than a previous offer Murdock made through his affiliated companies.
- The deal has a short 30-day go-shop period and is expected to close during Q4.
- DOLE +5% premarket to $13.45.
Jun. 11, 2013, 7:20 AM
Dole Food (DOLE) confirms receiving a buyout offer from a group led by its CEO at $12 per share. Traders are hopping mad over the development because the company recently cancelled a share buyback which may have had the ultimate effect of lowering the acquisition price in the proposed transaction. DOLE +16.2% premarket to $11.85.| Jun. 11, 2013, 7:20 AM | 1 Comment
Jun. 11, 2013, 7:09 AM
Sep. 18, 2012, 7:21 AM
Dole Food (DOLE) +9.5% premarket after agreeing to sell its worldwide packaged foods and Asia fresh produce businesses for ~$1.7B in cash to Japan's Itochu, a deal that will help Dole reduce its sizable debt and cut costs. The company also plans to streamline its global personnel and corporate structure to conform to the specific needs of its remaining businesses.| Sep. 18, 2012, 7:21 AM
Sep. 12, 2012, 2:28 PM
Dole (DOLE +11%) jumps on reports that it's ready to sell two of its businesses - its global canned fruit and juice beverage processing operations and its Asian fruit and vegetable business - to Japanese trading house Itochu (ITOCY.PK) for around $1.7B. The deal could be completed during the current FY.| Sep. 12, 2012, 2:28 PM
Mar. 2, 2012, 6:11 PM
Dole Food (DOLE) becomes the latest old-guard foodmaker to bolster its "healthy" food offerings: the company is acquiring Mrs. May's Naturals, a provider of granola bars, freeze-dried fruit, and other all-natural sweet snacks. Mrs. May's generated 2011 revenue of $16M. (previously)| Mar. 2, 2012, 6:11 PM
Oct. 11, 2011, 6:17 PM
Dole Food (DOLE) acquires berry producer SunnyRidge Farm in a bid to expand its produce offerings. The terms of the deal were not disclosed.| Oct. 11, 2011, 6:17 PM