David Murdock, the chairman, chief executive and the largest stockholder of Dole Food Company, Inc. (DOLE), has made a cash offer to acquire nearly 60% of the company's outstanding shares not already owned by him for $12.00 per share, plus the assumption of the company's debt and other obligations. The per share consideration offered places the total enterprise value of the transaction at around $1.5 billion, representing a 10.2 times multiple of Dole's anticipated EBITDA as provided in Dole's most recent earnings forecast.
The offer, made yesterday evening to Dole Food's board, represents an 18% premium over the closing price on Monday, June 10, 2013 of $10.20 per share and a premium of 19% to the volume-weighted average stock price for the one month preceding June 10, 2013.
Also, the offer contemplates the negotiation and execution of a binding deal by July 31, 2013 which would include customary terms and conditions for transactions of this type. Murdock, who controls almost 40% of the total outstanding shares, said he would not proceed until the offer is approved by a committee of independent directors and by a majority of the outstanding shares not owned by him.
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