November 13, 2024
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Dole investors file suit over CEO’s buyout

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Wall Street trusts billionaire David Murdock of Dole Food Co. to repay his debts but doesn’t agree with his valuation logic. Murdock succeeded in taking the Westlake Village-based firm private on Oct. 31 in a deal that valued the company at more than $1.6 billion when counting net debt, fees and expenses. At the same time, investors clamored to help Murdock take on debt to finance the deal, with a reported order book of more than $10.5 billion for only $300 million in debt.

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