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CEO offers $1.2 billion buyout

Monday, Sept. 23, 2002 | 9:48 a.m.

WESTLAKE VILLAGE, Calif. -- Dole Food Co. Inc.'s chief executive has offered to buy the remaining 76 percent of shares of the world's largest pineapple producer for about $1.2 billion cash and the company is considering the offer.

David Murdock, Dole's chairman and CEO, presented a proposal to the company's board Sunday, offering to pay $29.50 a share for the remaining 43 million shares that he and his family do not own.

The offer represents a 20.5 percent premium over Dole's closing price of $24.49 a share on Friday on the New York Stock Exchange.

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