WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--Jun. 11, 2013--
Dole Food Company, Inc. (NYSE: DOLE) today announced that its Board of
Directors has received an unsolicited proposal from David H. Murdock,
the Company's Chairman of the Board and CEO, to acquire all of the
outstanding shares of common stock of Dole Food Company, Inc. not
already owned by Mr. Murdock or his family for $12.00 per share in cash.
The Board of Directors will be meeting over the next several days to
establish a Special Committee of independent directors to consider Mr.
Murdock's proposal and its implications, in the context of assessing the
appropriate course of action that is in the best interests of the
Company and its stockholders. The Company cautions its stockholders, and
others considering trading in the Company's securities, as follows: the
Board of Directors has just received Mr. Murdock's unsolicited proposal;
the process of considering the proposal is only in its beginning stages;
no decisions whatsoever have been made by the Board of Directors in
respect of the Company's response, if any, to the proposal; and the
Board of Directors will proceed in a timely and orderly manner to
consider the proposal and its implications.
Dole Food Company, Inc., with 2012 revenues from continuing operations
of $4.2 billion, is one of the world’s largest producers and marketers
of high-quality fresh fruit and fresh vegetables. Dole is an industry
leader in many of the products it sells, as well as in nutrition
education and research. For more information, please visit www.dole.com
This release contains “forward-looking statements,” within the meaning
of the Private Securities Litigation Reform Act of 1995, that involve a
number of risks and uncertainties. Forward-looking statements, which are
based on management’s current expectations, are generally identifiable
by the use of terms such as “may,” “will,” “expects,” “believes,”
“intends,” “anticipates,” and similar expressions. The potential risks
and uncertainties that could cause actual results to differ materially
from those expressed or implied herein include weather-related
phenomena; market responses to industry volume pressures; product and
raw materials supplies and pricing; energy supply and pricing; changes
in interest and currency exchange rates; economic crises and security
risks in developing countries; international conflict; and quotas,
tariffs and other governmental actions. Further information on the
factors that could affect Dole’s financial results is included in its
SEC filings, including its Annual Report on Form 10-K.
Source: Dole Food Company, Inc.
For Dole Food Company, Inc.
C. Michael Carter, 818-879-6801