Dole merger vote approves acquisition by Murdock
Dole Food Company, Inc. announced stockholder approval yesterday for a merger deal that will transfer a majority share of the company to CEO David H. Murdock.
The deal gives the CEO 60.5% of the company’s outstanding common stock not already owned by Murdock or his affiliates for the price of US$13.50 per share in cash.
At around 27.5 million shares, 50.9% of stockholder shares voted "for" Murdock's acquisition. Total "for" votes in support of the merger came in at 63.8 million shares, or 70.6% of Dole’s outstanding shares of common stock.
The merger was scheduled to finalized today, Nov. 1. The company announced it would send letters of transmittal to allow stockholders to deliver shares to agents for exchange or payment.
Related stories:Â U.S.: Murdock raises stakes for Dole Food Company purchase
Opinion: what lies behind Murdock’s tilt for full Dole ownership?
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