Dole Committee Rejects CEO’s Bid

A special committee organized by the board of Dole Food Co. rejected a bid from Chairman and Chief Executive David H. Murdock to take the company private, saying it was too low. However, it agreed to extend negotiations with the 79-year-old billionaire.

In late September, Murdock offered to buy the 76% of the Westlake Village-based company he doesn’t already own for $29.50 a share, or $1.25 billion, plus the assumption of about $1 billion in company debt.

Investors and analysts balked at the offer.

Neither Murdock nor Dole committee members could be reached for comment.

Dole stock rose 14 cents to close at $28.17 on the NYSE. The announcement was made after markets closed.