David Murdock on Friday completed his acquisition of Dole Food Co. and has taken the Westlake Village agribusiness company private.
Stockholders on Thursday narrowly approved the sale of the fresh fruit and vegetable company to its 90-year-old chairman and chief executive.
Murdock, who controlled 40 percent of the stock, paid shareholders $13.50 a share, nearly a third more than his initial $12 offer in June. That valued the company at roughly $1.6 billion, including debt.
Dole will now operate as wholly owned subsidiary of DFC Holdings, which is controlled by Murdock.
The Los Angeles billionaire took the company private once before in 2003 after paying $33.50 a share in a deal valued at $2.5 billion. He then relisted Dole in a $1.1 billion second initial public offering in 2009.
Dole is now a significantly smaller company after selling off its global packaged goods business and Asia fresh foods business to a Japanese firm for $1.7 billion in April. The business accounted for about a third of revenue and half of profits.
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