The Deal: Murdock Clinches $1.6B Dole Buyout
In 1995 Castle & Cooke was spun off as a real estate company, while Dole remained focused on fruits and vegetables. Murdock took Castle & Cooke private for about $600 million in 2000, according to The Deal Pipeline. At the time, he was chairman of both companies.
Murdock's dealings with Castle & Cooke left him in control of 98% of the Hawaiian island of Lanai, which he sold to software tycoon Larry Ellison for a reported $500 million to $600 million on June 21, 2012. The price tag was about what Murdock paid to take Castle & Cooke private in 2000.
As of March 23, according to the 10-Q filing, Dole had about $101 million in cash and cash equivalents, nearly $1.9 billion in assets held-for-sale -- which includes the proceeds likely gained from the $1.7 billion sale in September of its packaged foods and Asian fresh produce business to Itochu -- and about $1.6 billion in long-term debt. About $461 million in liabilities are connected to the assets held-for-sale, also according to the 10-Q.
Dole, which traces its roots back more than 150 years to pineapple plantations in Hawaii, is a $4.2 billion-sales producer of fruits and vegetables.Company chief executive David DeLorenzo left Dole in February when the Itochu deal closed, a move that pushed chairman Murdock into the CEO role. Written by Richard Collings.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV