<p>Dole Food Company and Dole’s Chairman and Chief Executive Officer, David H. Murdock are announcing that they have signed a definitive merger agreement pursuant to which Mr. Murdock will acquire all of the outstanding shares of Dole common stock not currently beneficially held by him for cash. According to a press release, Dole stockholders will receive $13.50 in cash for each share of Dole common stock that they hold under the terms of the merger agreement. The transaction places the total enterprise value of Dole at approximately $1.21 billion or $1.6 billion with the assumption of debt. </p><hr class="legacyRuler"><hr class="invisible minimal-padding"><p>Dole's Board of Directors unanimously approved the merger agreement pursuant to which Murdock will take the company private. The decision was made, with Murdock abstaining, based on the unanimous recommendation of a special committee of independent and disinterested directors. The transaction is subject to a number of conditions, including approval by at least a majority of the outstanding shares of common stock held by stockholders of Dole other than Murdock and his affiliates. </p><hr class="legacyRuler"><hr class="invisible minimal-padding"><p>The transaction will be financed through a combination of cash and equity contributed by Mr. Murdock, along with financing that has been committed by Deutsche Bank, Bank of America and The Bank of Nova Scotia. The agreement provides for a “go-shop” period of 30 days. During this time the special committee, with the assistance of Lazard, will actively solicit, receive, evaluate and potentially enter into negotiations with parties that offer alternative proposals. Lazard acted as financial advisor to the special committee. The transaction is expected to close during the fourth quarter of 2013.<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding"><a class="btn btn-sm btn-primary col-lg-12" style="white-space: normal;" href=" http://investors.dole.com/phoenix.zhtml?c=231558&p=irol-irhome" target="_new">Dole</a></p><hr class="legacyRuler"><hr class="invisible minimal-padding">
