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Total Produce agrees to merge with Dole Food Company
StockMarketWire.com
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Fresh produce supplier Total Produce said it had agreed to be acquired by Dole Food Company in a share-based transaction that would create an entity with combined assets worth $4.5 billion.
The deal would see Total Produce shares exchanged for shares in Dole at a fixed exchange ratio, whereby Total Produce shareholders would receive 82.5% of the combined entity, to be named Dole.
Affiliates of Castle & Cooke, which own a 55% interest in Dole's parent company, would receive 17.5% of Dole shares.
Dole would be the 'global number one' in fresh produce, Total Produce said, with estimated combined 2020 revenue of about $9.7 billion and adjusted operating earnings of about $379 million.
'Our intention to list the new company in the United States marks an exciting next step for Dole,' Total Produce chairman Carl McCann said.
'The combined company will become the largest global player with over 170 years of history in fresh produce in both companies, a highly diversified portfolio, resilient earnings and a strong balance sheet that positions us well for accelerated growth.'
Story provided by StockMarketWire.com
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