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June 11, 2013 /PRNewswire/ -- Tripp Levy PLLC, a leading national securities and shareholder rights law firm, announces that it is investigating the proposed acquisition of Dole Food Company Inc. (NYSE: DOLE). It was announced that
David Murdock, Dole's Chairman of its Board of Directors and CEO, and owner of 40% of its common stock, is seeking to buy the remaining shares of the company that he does not already own for only
$12 per share.
The investigation concerns whether Murdock, in his role as Chairman and CEO and the company's largest shareholder, along with the other members of the board of directors, are breaching their fiduciary duties by selling the company to Murdock at a potential unfairly low price. Indeed, Murdock has inherent conflicts of interest in buying the company for himself, while his fiduciary duties are to obtain the highest price possible for shareholders. The investigation concerns whether Murdock is engaging for his own self-interests to the detriment of shareholders. The investigation also concerns whether the other members of the board of directors will engage in a full and fair process so that shareholders obtain the maximum value for their shares.
If you are a shareholder of DOLE and would like additional information regarding this lawsuit at no cost or obligation and how you can join with other shareholders at no cost in obtaining a higher price for your shares, please contact us toll free at 877-772-3975 or email at
SOURCE Tripp Levy PLLC