Dole shares soar after CEO offers to buy remaining shares for $1.2 billion cash

<br>WESTLAKE VILLAGE, Calif. (AP) _ Shares of Dole Food Co. soared more than 25 percent Monday on news the fruit producer's chief executive had offered $1.2 billion cash to buy the remaining 76 percent

Monday, September 23rd 2002, 12:00 am

By: News On 6

WESTLAKE VILLAGE, Calif. (AP) _ Shares of Dole Food Co. soared more than 25 percent Monday on news the fruit producer's chief executive had offered $1.2 billion cash to buy the remaining 76 percent interest he doesn't own.

David Murdock, Dole's chairman and CEO, presented a proposal to the company's board Sunday, offering to pay $29.50 a share for the remaining 43 million shares that he and his family do not own in the world's largest pineapple producer.

The offer represents a 20.5 percent premium over Dole's closing price of $24.49 a share on Friday on the New York Stock Exchange. In morning trading Monday on the New York Stock Exchange, Dole shares surged $6.31 to $30.80.

Murdock said the deal would total about $2.5 billion, including assumption of debt. Murdock has been chief executive of Dole since 1985.

Dole's directors said they would be meeting over the next several days to establish a special committee to consider Murdock's unsolicited offer.

California-based Dole, a company whose roots stretch more than 150 years, has grown from a family owned pineapple business to the world's largest producer of fruits and vegetables, operating in 90 countries.