Business and Industry

Dole's CEO to Buy Out Company

That's a lot of pineapple


The chief executive of the Dole Food Company agreed on Monday to buy full control of the fruit and vegetable producer, valuing the company at about $1.6 billion, including debt.

Under the terms of the deal, the chief executive, David H. Murdock Jr., will pay $13.50 a share for the 60 percent of the company's shares that he does not already own. That is 5 percent higher than Dole's closing price of $12.81 on Friday and 12.5 percent higher than Mr. Murdock's original offer of $12 a share.