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Dole Food Company to go public again
by Mike Knowles - 21/08/2009
"World's largest fresh produce company announces plans to raise US$500m by listing on the New York Stock Exchange"
Dole Food Company, the world's largest fresh fruit and vegetable company, is set to go back into public ownership following the news that it plans to seek a listing on the New York Stock Exchange.
The group, which has been privately owned since investor David Murdock took it private in a US$2.5bn deal six years ago, informed US regulators this morning of its intention to raise up to US$500m from an initial public offering of common stock.
In a prospectus filed with the US Securities and Exchange Commission, Dole Food said it would list the stock on the New York exchange under the symbol DOLE.
Although it did not reveal how many shares the company planned to sell or the price it expected to get for them, it revealed the proceeds would be used to pay down debt and for other corporate matters. These could potentially include invest in new products, additional facilities or acquisitions.
Dole achieved revenue of US$7.6bn last year, with net income of some US$123m.
Mr Murdock bought a controlling interest in Dole's predecessor, Castle & Cooke Inc, in 1985, becoming chairman and chief executive officer.
The company subsequently changed its name to Dole six years later and sold off the bulk of its real estate portfolio in 1995, the securities filing reported.
Goldman Sachs & Co, Bank of America Merrill Lynch, Deutsche Bank and Wells Fargo are underwriting the IPO.
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More Details: http://www.fruitnet.com/content.aspx?cid=4187&rid=1
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