Dole Food Chief to Sell More Shares Than Expected
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Dole Food Co. said Chairman and Chief Executive David Murdock has increased the number of shares he plans to sell to 5.75 million.
Westlake Village-based Dole, the world’s largest producer of fresh fruits and vegetables, said last month that Murdock would sell 4.14 million shares, or 6.9% of the company’s stock, through a public offering.
However, an amended filing states that 2.876 million shares will be sold to investors, and an equal amount may be delivered to a specific securities trust. The company didn’t disclose who is managing the trust.
Goldman, Sachs & Co. is still underwriting the offering.
In July, Dole officials said the sale of 4.14 million shares would leave Murdock with 9.9 million. Murdock, 72, said in a statement that he’s selling the shares to repay debt and increase the liquidity of his portfolio.
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