According to a report by the New York Times's The Dealbook, the privatization of Dole by its Chief Executive David Murdock were contested by some of its own shareholders.
The lawsuit said that Murdock's earlier experiences and connections in the executive board in privatizing Dole in 2003 was a contributing factor to ensure that the 2013, USD13.50 a share buyout would have a favorable outcome.
Murdock initially acquired a controlling stake in Dole in 1985. He acquired some real estate properties that were spun off by Dole, and eventually sold them to Oracle chief executive and co-founder Lawrence Ellison for a reported amount of USD300 million last year. In 2003, Dole went public after being taken private in a USD2.5 billion deal. The IPO raised USD446 million in funds.
To rebutt the claims made by shareholders on the 2013 buyout, Dole had said in its filing with the court of Delaware where the lawsuit has been filed, "A special committee of independent, disinterested directors - fully empowered to negotiate with Murdock and say no - recommended the merger. The special committee's financial adviser, Lazard Frères & Co. L.L.C., which plaintiffs do not contend is conflicted - determined the price is fair to Dole's stockholders." Dole did not return calls to provide comment to The Dealbook..
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