NEW YORK, Oct 12 (Reuters) - Dole Food Co Inc the world's largest producer of fresh fruits and vegetables, will price its $500 million initial public offering on Oct. 22 and begin trade on the New York Stock Exchange the following day, according to one of the IPO's underwriters.
Dole said in a filing last week that it expects to sell 35.7 million shares for between $13 and $15 each.
Investor David Murdock bought a controlling interest in Dole's predecessor company, Castle & Cooke Inc, in 1985, and became chairman and chief executive. The company changed its name to Dole in 1991, according to the securities filing.
Murdock, who took Dole private in 2003 in a $2.5 billion deal, will still own 59 percent of Dole's shares after the IPO, according to the filing.
Dole expects net proceeds from the IPO of $468 million, almost all of which will be used to pay down debts.
Dole, founded in 1851, intends to list its common stock on the New York Stock Exchange under the symbol 'DOLE.'
The IPO will be managed by Goldman Sachs & Co, Bank of America Merrill Lynch, Deutsche Bank and Wells Fargo.
(Reporting by Phil Wahba; Editing by Gary Hill) Keywords: DOLE/ (phil.wahba@thomsonreuters.com; +1 646 223 6128; Reuters Messaging: phil.wahba.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Dole said in a filing last week that it expects to sell 35.7 million shares for between $13 and $15 each.
Investor David Murdock bought a controlling interest in Dole's predecessor company, Castle & Cooke Inc, in 1985, and became chairman and chief executive. The company changed its name to Dole in 1991, according to the securities filing.
Murdock, who took Dole private in 2003 in a $2.5 billion deal, will still own 59 percent of Dole's shares after the IPO, according to the filing.
Dole expects net proceeds from the IPO of $468 million, almost all of which will be used to pay down debts.
Dole, founded in 1851, intends to list its common stock on the New York Stock Exchange under the symbol 'DOLE.'
The IPO will be managed by Goldman Sachs & Co, Bank of America Merrill Lynch, Deutsche Bank and Wells Fargo.
(Reporting by Phil Wahba; Editing by Gary Hill) Keywords: DOLE/ (phil.wahba@thomsonreuters.com; +1 646 223 6128; Reuters Messaging: phil.wahba.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
