Dole Food (DOLE) announced Tuesday morning that its Board of Directors has received an unsolicited proposal from David H. Murdock, the Company's Chairman and CEO, to acquire all of the outstanding shares of common stock of Dole Food not already owned by Mr. Murdock or his family, for $12.00 per share in cash.
Dole Food gapped open sharply higher Tuesday, but moved in a narrow range throughout the session. The stock closed up by 2.26 at $12.46 on the highest volume of the year. Dole Food leaped to over a 7-month high and re-crossed both its 50 and 200-day moving averages.
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