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 CEOĀ 60.5% of the companyās outstanding common stock not already owned by Murdock or his affiliates for the price of US$13.50Ā per share in cash.
At around 27.5 million shares,Ā 50.9% ofĀ stockholder shares voted "for" Murdock's acquisition. Total "for" votes in support of the merger came in atĀ 63.8 million shares, orĀ 70.6% of Doleās 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.
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