Dole Food Company Stockholders Approve Merger
During a special stockholder meeting, Dole Food Company, Inc. announced that its stockholders approved the previously announced merger agreement under which David H. Murdock, Dole’s Chairman and Chief Executive Officer, will acquire approximately 60.5% of the company’s outstanding common stock that he and his affiliates do not already own for $13.50 per share in cash. The merger is expected to close today.
This approval follows news of the Institutional Shareholder Services’ recommendation in favor of Dole’s merger with Murdock. Glass Lewis, another leading proxy advisory firm, issued its own recommendation that Dole shareholders should support the merger.
According to a press release, votes “FOR” the merger totaled approximately 63.8 million shares, or 70.6% of Dole’s outstanding shares of common stock. About 27.5 million shares, or 50.9% of the shares held by stockholders other than Murdock and his affiliates and Dole’s directors and executive officers voted “FOR” the merger.
As Dole becomes a privately held company owned by Murdock, its stock will no longer be listed for trading on the New York Stock Exchange, following completion of the transaction. Letters of transmittal allowing company stockholders of record to deliver their shares to the paying agent in exchange for payment of the merger consideration are expected to be distributed shortly after the closing.
