Without Higher Bid, Dole Opts For $1.6B CEO Buyout

Law360, New York (September 11, 2013, 12:50 PM EDT) -- The window for Dole Food Inc. to solicit better offers than its CEO's proposed $1.6 billion buyout lapsed Wednesday without a superior bid, clearing a path for 90-year-old billionaire David Murdock to take his company private for a second time.

Murdock's proposal, which includes debt, is an upgrade over his initial $1.5 billion offer, which some shareholders criticized as too low. Under the terms of the winning bid, the executive will pay $13.50 in cash for each of the Dole shares he does not already own,...
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