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With Competing Bids Lacking, Dole Food Will Go Private

By Rich Smith – Sep 11, 2013 at 5:04PM

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CEO's bid of $13.50 per share has not been beat.

Thirty days after Dole Food (NYSE: DOLE) Chairman and CEO David Murdock upped his offer to take the company private for $13.50 per share, the 30-day "go-shop" period has expired -- and Dole has received no better bids from any other interested buyers.

As a result, and assuming shareholders approve the transaction and regulators do not object to it, Dole will be going with its CEO's offer and going private sometime in Q4 2013. Including the value of Dole's debt, the deal is valued at $1.6 billion.

So far, the Federal Trade Commission has already given its assent. A few regulators in foreign countries have yet to give theirs.

Fool contributor Rich Smith and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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