David H Murdock Jr., the Chief Executive of Dole Food Company Inc. (NYSE: DOLE) announced on Monday that he has agreed to buy 100% stake in the food and vegetable company in deal estimated at $1.6 billion, including debt.
According to the terms of the deal, Murdock will pay $13.50 per share to acquire another 60% stake in the company, which he does not currently own. The deal implies a 5% premium over the closing stock price of $12.81 on Friday. The latest offer is 12.5% higher than Murdock’s initial offer of $12 a share.