Law Firm of Wohl & Fruchter is Investigating the Proposed Acquisition of Dole Food Company Inc. by David H. Murdock
NEW YORK--(BUSINESS WIRE)-- The law firm of Wohl & Fruchter LLP is investigating the proposed acquisition of Dole Food Company Inc. (Dole) (NYS: DOLE) by the Company's Chairman and CEO, and largest shareholder, David H. Murdock.
On June 11, 2013, Dole announced that it had received an offer from Murdock to acquire all of the Company's outstanding shares that he does not already own for $12/share in cash. Murdock is presently Dole's largest shareholder with a nearly 40% stake.
The take-private bid comes just two weeks after Dole suddenly suspended a recently announced $200 million stock buyback program and warned of continued losses in its strawberry business. The proposal thus may be timed to exploit weakness in Dole's stock price after it traded as high as $15.19/share on September 12, 2012.
The offer price is also below the $12.50/share at which Murdock took Dole public in October 2009.
Wohl & Fruchter's investigation concerns the fairness of Murdock's proposal, and the adequacy of the procedures adopted by Dole to respond to the proposal.
Additional information is available at http://www.wohlfruchter.com/cases/dole.
Persons with relevant information, and Dole shareholders with questions about this investigation, are invited to contact our Firm by calling 866.582.8140, or contacting the attorney below.
About Wohl & Fruchter
Wohl & Fruchter LLP represents plaintiffs in litigation arising from fraud and other fiduciary breaches by corporate managers, as well as other complex litigation matters. Please visit our website, www.wohlfruchter.com, to learn more about our Firm, or contact one of our partners.
This release may be deemed to constitute attorney advertising.
KEYWORDS: United States North America New York
The article Law Firm of Wohl & Fruchter is Investigating the Proposed Acquisition of Dole Food Company Inc. by David H. Murdock originally appeared on Fool.com.
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