Dole Food Co. has lost half its value since billionaire David Murdock bought the company six years ago in a transaction valued at $2.5 billion.
The large decline in the value of the Westlake Village food company was disclosed in Securities and Exchange Commission documents filed in conjunction with Dole’s efforts to sell a 41 percent stake in the company to the public for about $14 a share. The offering values Dole at about $1.2 billion.
Analysts who reviewed the transaction questioned whether the Dole offering would be a good deal for investors. They expressed concern over its terms, which leave Murdock, 86, Dole’s chairman and sole owner, firmly in control of the business.
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