On 1 February 2018, Total Produce plc, Europe's leading fresh produce company, announced that it had entered into a binding agreement to acquire a 45% equity stake in Dole Food Company1 ("Dole") from Mr. David H. Murdock for a cash consideration of $300 million (the "Transaction"). Completion of the Transaction was subject to anti-trust review in a limited number of jurisdictions.
Total Produce is pleased to announce that the European Commission (the "EC") has now adopted its clearance decision for the Transaction and no further condition precedents are outstanding.
The EC approval is conditional on the divestment of Saba Fresh Cut AB (the Swedish bagged salad business owned by Dole). This limited disposal has no material impact on the strategic rationale or commercial value of the Transaction.
The Transaction is expected to close on 31st July 2018.
For further information, please contact:
Brian Bell, Wilson Hartnell PR
Tel: +353-1-669 0030
Ivan Murphy, Davy Corporate Finance
Tel: +353-1-679 6363
Inside information
The information contained in this announcement is inside information. The person responsible for making this Announcement on behalf of the Company is Frank Davis.
1 References to the investment in the Dole Food Company mean the investment into DFC Holdings LLC, of which Dole Food Company, Inc. is a wholly owned subsidiary.