Murdock wants to buy Dole — again - The Packer

Murdock wants to buy Dole — again

06/11/2013 06:41:00 PM
Coral Beach

Dole’s board will form a special committee to consider the offer, according to the release.

For 2012, Dole reported about $4.2 billion in revenue, down 11% from the previous year. The company’s financial reports show losses for the past three quarters.

To address its financial issues, Dole finalized a deal in April for the sale of its global packaged foods business and Asia fresh foods business to the Japanese company Itochu Corp. for $1.7 billion. The operations represented 38% of Dole’s 2012 revenues, according to financial reports, and more than half of its operating income.

If he is successful with his bid, it will be the second time for Murdock to take the company private.

In 2003 he bought 76% of the Dole shares he did not own for $1.43 billion plus assuming another $1 billion in debt. The company posted revenues of $4.4 billion in 2002.

Then, in 2009 Murdock took the company public again.

Murdock was chief executive from July 1985 through June 2007. He returned to toe CEO’s office early this year when David A. DeLorenzo stepped down from the post to help Itochu run its new businesses.

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