California-based company Dole Food was about to shut when CEO David Murdock signed an agreement to buy all of its outstanding company shares for cash. The net valuation of Dole Food has been done approximately $1.21 billion.
According to the merger deal, David Murdock will get hold of all the outstanding company shares that he doesn't have in hand right now.
During an announcement filed with the Securities and Exchange Commission on Monday, it has been announced by the firm that each of the shareholders would receive $13.50 in cash for each of the share they hold of common stock.
As compared to the price of share that was proposed initially in the report submitted on June 10, this time price is $1.50 per share extra. Also, it clearly indicates a 32% premium over the company's $10.20 share price before that proposal.
However, after including the overall debt, Dole estimated the total value of the deal to be around $1.6 billion. It also mentioned that the transaction will be financed using both the cash and equity contributed by Murdock. Along with this, finances would be taken from Bank of America, Deutsche Bank and The Bank of Nova Scotia also.
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