Money Manager Urges Dole to Reject Bid
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Atlantic Investment Management Inc., which owns 3.4 million shares, or about 6%, of Dole Food Co. is urging an independent panel of directors to reject an offer by Chairman David H. Murdock to take the Westlake Village company private.
In a Securities and Exchange Commission filing, the money manager said the offer was too low and blamed Murdock for making several managerial decisions that have depressed the price of Dole’s shares.
Last month, Dole named a special committee to review Murdock’s offer to pay $29.50 a share for the 76% of the company he doesn’t already own. Including the assumption of debt, the transaction would be valued at around $2.5 billion. Dole shares closed at $29.10, up 15 cents, on the NYSE.
Other investment funds also have objected to Murdock’s bid, saying it was too low, but Atlantic was the first to blame Murdock for what it considers a low valuation for the company.
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