WESTLAKE VILLAGE, Calif. (AP) -- Dole Food said Thursday that its shareholders approved the sale of the company to Chairman and CEO David Murdock.
The company said 50.9% of shares that aren't owned by Murdock, his affiliates or the rest of the board of directors were voted in favor of the deal. Including the shares owned by Murdock and the rest of the board, 70.6% of Dole's shares were voted in favor.
The company expects the sale to close Friday.
Murdock offered to take Dole private for $12 per share in June, and Dole accepted in August after he raised the price to $13.50 per share. That offer values Dole at $1.21 billion. The parties value the deal at $1.6 billion including Dole's debt. Shares of Dole Foods rose a penny to $13.55 on Thursday.
The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not 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.