MILWAUKEE, June 11, 2013 (GLOBE NEWSWIRE) -- We are investigating the Board of Directors of Dole and the actions of its CEO David Murdock and his family in connection with the Murdock family's bid to take Dole private at $12 per share, a price which dramatically undervalues Dole.
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Dole's long-term financial outlook is very positive and yet Dole shareholders would receive only $12 for their shares. CEO Murdock and his family are well aware of Dole's improving financial metrics and are attempting to purchase Dole at a substantial discount. A binding merger agreement in connection with the Murdock family's bid likely would unreasonably limit prospective bids for Dole by (i) prohibiting solicitation of any further bids, and (ii) imposing a termination penalty should Dole receive and accept a superior bid. Dole insiders, their affiliates and other substantial shareholders own significant voting stock of Dole, and would receive millions of dollars as part of change of control arrangements, and therefore would unduly influence a sale of Dole not necessarily in the best interests of non-insider shareholders. In light of these facts, our investigation centers on the conduct of Dole's Board, its CEO and the Murdock family, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) exploring all options in obtain a fair and reasonable price for Dole given its current financial condition and prospects.
If you own securities of Dole and wish to obtain additional information, please contact Guri Ademi either at firstname.lastname@example.org or toll-free: 866-264-3995, http://www.ademilaw.com/case/dole-food-company-inc.
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CONTACT: Ademi & O'Reilly, LLP Guri Ademi 3620 East Layton Ave. Cudahy, WI 53110 Toll Free: (866) 264-3995 Fax: (414) 482-8001 www.ademilaw.comSource:Ademi & O'Reilly, LLP