CEO to take Dole Food private in $1.2B deal

WESTLAKE VILLAGE, Calif. Dole Food says it will be taken private by its CEO in a deal that values the company at approximately $1.21 billion.

Dole shareholders will receive $13.50 per share, a 5 percent premium to its $12.81 Friday closing price. This is a sweetened bid, up from the $12 per share Chairman and CEO David Murdock offered in June.

The company put the transaction's total value at about $1.6 billion, which includes debt.

Dole Food Company Inc.'s stock jumped 64 cents, or 5 percent, to $13.45 in Monday morning trading.

Dole's board unanimously approved the offer, which still needs the approval of at least a majority of outstanding shares held by stockholders other than Murdock and his affiliates.

The deal is expected to close in the fourth quarter.