Posted at 11:19 a.m., Friday, March 28, 2003
Murdock seals Dole Food purchase
Advertiser Staff
Billionaire David Murdock completed his acquisition of Dole Food Co. today, paying $2.5 billion to acquire the 76 percent of the company's stock he didn't already control. Dole shares will cease trading at the close of business today.Murdock, who serves as Dole's chairman and chief executive, said he planned no major changes for the company, and that there would be no reduction in the company's work force, which includes 280 employees in Hawai'i.
The deal makes Murdock Hawai'i's third-largest private landowner behind top-ranked Kamehameha Schools and Parker Ranch according to the state. With the purchase of Dole, Murdock acquires 28,515 acres in the state. When combined with his prior Castle & Cooke holdings, he now controls 123,715 acres in Hawai'i, including most of Lana'i.
