Levi & Korsinsky Notifies Investors of Claims of Breaches of Fiduciary Duty in Connection With Going Private Proposal From Company's CEO
Levi & Korsinsky notifies investors of Dole Food Company, Inc. ("Dole" or the "Company") (NYSE: DOLE) of claims of breaches of fiduciary duty and other violations of state law in connection with a going private proposal from the Company's Chairman and Chief Executive Officer, David Murdock. A complaint was filed in California state court.
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Under the terms of the transaction Murdock would pay $12 for each share of Dole stock he does not currently own; he currently owns approximately 40% of Dole's outstanding shares. The claims concern, among other things, whether the proposed consideration to be paid to Dole shareholders is unfair, inadequate, and substantially below the fair or inherent value of Dole, and whether Murdock is taking advantage of his position in order to purchase the Company at an unfair price.
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