LOS ANGELES, CALIFORNIA (March 28, 2003) Dole Food Company, Inc. ceased being a publicly traded company today and commenced operations as a privately held company owned by David H. Murdock. Mr. Murdock stated, “I am pleased that the merger transaction, valued at approximately $2.5 billion, has concluded and that the market has recognized that the $33.50 per share consideration offered in the transaction was fair and in the best interest of the former public shareholders of Dole Food Company.”
“This is a momentous occasion in Dole’s 152-year history, and we are extremely excited about the long-term advantages for Dole without the short-term pressures and constraints of the public equities markets,” said Mr. Murdock. “As a privately-held company, Dole will be better positioned to achieve its growth and earnings potential, building on its leadership position in the fresh fruits, fresh vegetables, packaged foods and fresh-cut flowers industries.”
Mr. Murdock expressed his appreciation for the efforts of his staff, advisors and the managing agents who helped arrange the financing for the merger, noting “Deutsche Bank, The Bank of Nova Scotia, Bank of America, Fleet National Bank, and Societe Generale have arranged a complex financing in a volatile market.” Mr. Murdock was advised by Deutsche Bank Securities and Paul, Hastings, Janofsky & Walker LLP.
The acquisition of Dole, will add to Mr. Murdock’s list of wholly-owned companies, making him the owner of one of the largest privately held companies in America with 2002 combined revenues in excess of $5 billion. In addition to Dole, Mr. Murdock’s holdings include Castle & Cooke, Inc., a diversified real estate company he privatized in 2000. Mr. Murdock owns interests in a variety of other businesses and has been an active private investor for over 40 years, having completed, to date, eleven “going private” transactions for publicly traded companies.
This release contains “forward-looking statements,” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. Forward looking statements, which are based on management’s current expectations, are generally identifiable by the use of terms such as “may,” “will,” “expects,” “believes,” “intends” and similar expressions. The potential risks and uncertainties that could cause actual results to differ materially from those expressed or implied herein include weather-related phenomena; market responses to industry volume pressures; product and raw materials supplies and pricing; electrical power supply and pricing; changes in interest and currency exchange rates; economic crises and security risks in developing countries; international conflict; and quotas, tariffs and other governmental actions. Further information on the factors that could affect Dole’s financial results is included in its SEC filings, including its Annual Report on Form 10-K.