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The Honolulu Advertiser

Posted at 12:22 p.m., Wednesday, March 26, 2003

Dole poised to go private

Advertiser Staff

Dole Food Co. today said shareholders approved a $1.43 billion deal by the company's chief executive that would take the fruit grower private.

The deal would make self-made billionaire David Murdock, Dole's chief executive, one of Hawai'i's biggest private landowners with more than 123,000 acres in the Islands, including most of Lana'i.

Murdock announced plans to take Dole private in late December, arguing that such a move would allow for better long-term management of the company. Under terms of the deal, Murdock will acquire about 76 percent of the Westlake, Calif.-based company's stock for $33.50 in cash.

The transaction is expected to close after financing is completed March 28.