Posted at 10:08 a.m., Tuesday, September 24, 2002
Dole Food buyout bid sparks lawsuits
Advertiser News Services
Dole Food Co. and its directors were sued by stockholders who claim a $29.50 per- share, $2.5 billion buyout offer from Chairman David Murdock undervalues the world's largest fruit and vegetable producer.Murdock said Sunday he'd buy the 76 percent of the company his family doesn't already own at a 20 percent premium over Friday's closing price. A committee of directors is considering the offer.
In one of seven lawsuits filed yesterday in Delaware Chancery Court, Dole shareholder Jeff Feigenbaum contends that Murdock is trying to buy the company at a bargain-basement price. The suit says Murdock and other directors are duty-bound to get the most money for the shares.
