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Dole's stock goes bananas over CEO's bid

June 11, 2013: 2:30 PM ET

Dole's stock jumped more than 20% after its CEO made a bid to take the company private.

Investors welcomed Dole CEO David Murdock's bid to take the international fruit company private Tuesday.

Murdock offered $12 a share for the remaining 60% of Dole (DOLE) that he doesn't already own. Murdock returned to the helm of Dole earlier this year after David DeLorenzo left to lead Dole's Asia packaged food business as part of its sale to Itochu Corp. in Japan.

you're as young as you feel: 90-year-old David Murdock bids to take $DOLE private #WSJ

Murdock was once the sole owner of Dole. Back in 2003, he owned the whole kit and kaboodle.

But the company has been struggling lately. It ended plans to buy back some of its own stock and first-quarter results were weaker than expected.

Dole's shares popped more than 20% Tuesday following Murdock's offer.

Click for more information on Dole's stock

$DOLE Why is this above the price given to take private?

Might there be other Dole banana buyers out there or could existing shareholders simply get Murdock to pay more if they fight hard enough? Dole said its board of directors will be reviewing the offer in the coming days.

Or perhaps investors who have been betting on Dole's stock declining are getting worried.

$DOLE 15% or 8 million shares are short, this could get interesting.

With that many shorts -- bets on a stock decline -- it's no wonder that some StockTwits were a little bitter.

$DOLE squeezing … it's not just juice

Murdock is offering $12 for $DOLE shares. Knocks the stock down by pulling the repurchase than tries to steal the company. Mother F#@!er

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Maureen Farrell
Maureen Farrell
Staff writer, CNNMoney

Maureen Farrell is a staff writer at CNNMoney and covers Wall Street, banking, mergers and the stock and bond markets. Prior to joining CNNMoney, she covered venture capital and entrepreneurs for Forbes, and mergers and bankruptcy for Mergermarket and Debtwire, both divisions of the Financial Times.

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