Murdock expects to use financing via Deutsche Bank for Dole buyout bid

By Sara Rosenberg

New York, June 11 - Dole Food Co. Inc.'s buyout offer from David H. Murdock, chairman of the board and chief executive officer, is backed by a "highly confident" letter from Deutsche Bank with respect to financing, according to a news release.

That financing, along with additional funding Murdock is prepared to commit would be sufficient to complete the transaction.

Under the proposal, Murdock is offering to purchase the roughly 60% of outstanding shares of Dole not already owned by him for $12 per share in cash, plus assume the company's debt and other obligations.

The total enterprise value of the transaction is about $1.5 billion.

The offer contemplates the negotiation and execution of a binding agreement by July 31, the released added.

Dole is a Westlake Village, Calif.-based fruit and vegetables company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.