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Dole investors file suit over CEO’s buyout
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.