Dole Food Co. shares fell slightly to the $13.50 range after the company announced that a sale to Chairman and CEO David Murdock had cleared two key hurdles.
Westlake Village-based Dole said that a 30-day “go shop” period had expired without a third party emerging as a competitive bidder.
The company also announced that the Federal Trade Commission had terminated its waiting period under antitrust laws. The sale still requires a shareholder vote but it is expected to close before the end of the year.
Murdock, 90, is offering $13.50 per share to take the 60 percent of the company he doesn’t own private. He earlier announced he’d obtained bank financing for the deal.
Dole shares traded down 6 cents to $13.50 after the announcement. About 4 million shares traded on the NYSE, more than twice the average volume of 1.6 million shares.