On 30th July 2018, Total Produce, Europe's leading fresh produce company, announced that the European Commission (the “EC”) had approved its acquisition of a 45% equity stake in Dole Food Company (“Dole”) from Mr. David H. Murdock for a cash consideration of $300 million (the "Transaction") and that all other Transaction condition precedents had been satisfied.
Total Produce is pleased to announce that the Transaction has now been completed.
Commenting on the completion of the Transaction, Carl McCann, Chairman of Total Produce said:
“We are delighted to conclude this very substantial transaction with David Murdock who has been an inspirational and visionary leader since he acquired a majority shareholding in Dole in 1985.
Dole is one of the world's foremost fresh produce companies and we look forward with great enthusiasm to working very closely together with David and his excellent management team to continue to develop the business in the future.”
Commenting on the completion of the Transaction, David H. Murdock Chairman and Owner of Dole said:
"I am excited for the future of Dole in our relationship with Total Produce. They have a long and successful history in the produce industry, and I have complete confidence that as the premier produce brand, Dole will be able to tap that expertise in growing our position worldwide."
Transaction structure
The investment in Dole and its financial contribution will be treated as a joint venture and accounted for via the equity method under IFRS in the accounts of Total Produce following completion. An update on the Dole business will be provided when Total Produce’s 2018 Interim Results are published.
Post-closing of the Transaction, Total Produce and Mr. David H. Murdock will have balanced governance rights with respect to Dole. The Board of Directors of Dole will comprise six members, three of which are to be appointed by Mr. David H. Murdock (Ms Janine Peck, Ms Roberta Wieman and Mr David H. Murdock) and three be appointed by Total Produce (Mr Carl McCann, Mr Rory Byrne and Mr Jimmy Tolan).
Mr. David H. Murdock will continue as Chairman of Dole and Mr Carl McCann will be appointed Vice Chairman. Major decisions will require consent of at least one Board Member appointed by each of Total Produce and Mr. David H. Murdock.
Mr. Johan Lindén will remain Dole’s President and CEO, and the management team will also remain in their current roles and continue to lead the organization into the future.
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.