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News Breaks September 17, 2012 20:13 EDT DOLE Dole Food sells packaged foods, Asia produce businesses for $1.685B Dole Food Company announced that it has signed a definitive agreement with ITOCHU Corporation for the sale of Dole’s worldwide packaged foods and Asia fresh produce businesses for $1.685B in cash. This proposed transaction results from Dole’s previously announced strategic business review process, and is subject to Dole stockholder approval and customary regulatory approvals in multiple countries. Cash proceeds from the transaction will be used by Dole for debt reduction, to pay deal-related expenses, and for restructuring and other corporate purposes. Dole Worldwide Packaged Foods produces canned pineapple, canned pineapple juice, fruit juice concentrate, fruit in plastic cups, jars and pouches, fruit parfaits, healthy snack foods and frozen fruit. Dole Asia Fresh Produce grows, sources, ships and distributes consistently high-quality fresh fruit and vegetables principally in Asia. The combined revenue of these businesses totaled approximately $2.5B in 2011. The adjusted Earnings Before Interest, Taxes, Depreciation and Amortization for these businesses in 2011 was approximately $190M. The agreement contemplates that ITOCHU will have exclusive rights to the DOLE trademark on packaged food products worldwide and on fresh produce in Asia, Australia and New Zealand. In connection with the transaction, Dole expects to adopt cost-saving initiatives and corporate restructuring in order to right-size the company. Dole will realign and streamline its global personnel and corporate structure to conform to the specific needs of the remaining fresh produce businesses. As part of this process, Dole will evaluate the clearing of any legacy costs and liabilities remaining with the company. Dole expects to fully implement these measures by the end of fiscal 2013, which are expected to result in aggregate cost savings of approximately $50M annually. News For DOLE From The Last 14 Days Check below for free stories on DOLE the last two weeks. Sign up for a free trial to see the rest of the stories you've been missing. June 17, 2013 12:00 EDT DOLE Options with decreasing implied volatility: NAV SUPN PVH IVR DOLE Subscribe for More Information June 14, 2013 11:18 EDT DOLE Options with decreasing implied volatility: DMND DOLE HRB PVH Subscribe for More Information June 13, 2013 05:58 EDT DOLE Stocks with implied volatility below IV index mean; SFD DOLE Subscribe for More Information 05:57 EDT DOLE Stocks with implied volatility below IV index mean; SFD DOLE Stocks with implied volatility below IV index mean; Smithfield Foods (SFD), Dole Food (DOLE) according to IVolatility. June 12, 2013 08:49 EDT DOLE Much higher share price for Dole Food would not be justified, says BB&T Subscribe for More Information 06:07 EDT DOLE Stocks with implied volatility below IV index mean; SFD DOLE Subscribe for More Information June 11, 2013 12:00 EDT DOLE Dole Food rises 21.7% Subscribe for More Information 09:16 EDT DOLE On The Fly: Pre-market Movers HIGHER: Dole Food (DOLE), up 21.9% after CEO offers buyout at $12 per share... Questcor (QCOR), up 32% after buying rights to develop Synacthen and Synacthen Depot in the U.S. from Novartis (NVS), upgrade to Buy at CRT Capital... CardioNet (BEAT), up 44% after announcing a three-year national provider agreement with UnitedHealthcare Insurance (UNH)... Catamaran (CTRX), up 13.2% after announcing a ten-year strategic pharmacy benefits deal with Cigna (CI)... Sprint (S), up 2% after Softbank (SFTBF) increases buyout offer terms. Clearwire (CLWR) up 1.2%. LOWER: lululemon (LULU), down 14.9% after reporting earnings, CEO announces plans to step down, stock downgraded at Sterne Agee and UBS... Texas Instruments (TXN), down 2% after narrowing second quarter revenue, earnings forecast ranges... Corinthian Colleges (COCO), down 15.4% after disclosing the receipt of a subpoena from the SEC. Corinthian peer Career Education (CECO) 5.5%... Kinross Gold (KGC), down 5.5% after canceling development project in Ecuador, taking $720M charge, stock downgraded at Canaccord. DOWN AFTER EARNINGS: LDK Solar (LDK), down 8.5%. 09:00 EDT DOLE Dole Food rises 22.2% Dole Food is up 22.2%, or $2.26, to $12.45 07:01 EDT DOLE Dole up 16% to $11.85 after CEO offers buyout at $12 per share Subscribe for More Information 06:38 EDT DOLE Dole Food options active into CEO Murdock offer to acquire Dole Food options were active with 79K contracts trading on June 6 according to Track Data, prior to the company announcing today CEO David H. Murdock offer to acquire the approximately 60% of outstanding shares of common stock of the company not already owned by him for $12.00 per share. Overall option implied volatility of 35 is near its 26-week average of 34 according to Track Data. Elevated option volume suggests traders taking positions for large price movement. 06:32 EDT DOLE Dole Food says establishing Special Committee to review CEO offer Subscribe for More Information 06:03 EDT DOLE CEO David H. Murdock offers to acquire remaining 60% of Dole Food David H. Murdock announced that he has made an offer to acquire the approximately 60% of outstanding shares of common stock of Dole Food Company not already owned by him for $12.00 per share in cash, plus the assumption of the Company's debt and other obligations. The per share consideration offered places the total enterprise value of the transaction at approximately $ 1.5B, which represents a 10.2 times multiple of Dole's anticipated EBITDA as provided in Dole's most recent earnings guidance. The offer, which was made yesterday evening to the Board of Directors of Dole Food Company, represents an 18% premium over the closing price on Monday, June 10 of $10.20 per share and a premium of 19% to the volume-weighted average stock price for the one month preceding June 10. The offer contemplates the negotiation and execution of a binding agreement by July 31 which would contain customary terms and conditions for transactions of this type. David H. Murdock is the Chairman of the Board, CEO and the largest stockholder of Dole and controls almost 40% of the total number of outstanding shares. June 6, 2013 11:58 EDT DOLE High option volume stocks: DOLE SPN TSRA FXB FCEL Subscribe for More Information Sign up for a free trial to see the rest of the stories you've been missing.