The chief executive of Dole Food, David H. Murdock, made an unsolicited offer on Tuesday to buy the company in a deal that values the company at almost $1.1 billion.
Mr. Murdock said he had offered $12 for each of the shares of Dole that he does not own. The offer represents 18 percent premium on the company’s closing share price on Monday.
The offer from Dole’s chief executive values the 60 percent that he does not currently own at around $645 million. If successful, Mr. Murdock also will take over the company’s debt obligations. Mr. Murdock had taken the company private once before in 2003.
In statement, Dole’s board said that it would meet to review Mr. Murdock’s unsolicited offer and that no decision had yet been made about the bid. The company’s chief executive said he hoped to secure an agreement by the end of July.
Dole, which reported revenues of $4.2 billion last year, re-entered the public markets through an initial public offering in 2009 that valued the company at around $1.1 billion.
Dole markets a wide variety of packaged and frozen foods.
Deutsche Bank is advising Mr. Murdoch on the deal.
