Dole (DOLE) Pops Higher on $1.7B Packaged Food/Asia Produce Asset Sale
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Dole Food Company, Inc. (NYSE: DOLE) shares are ripping in early trading Tuesday following a late-Monday news release that it entered agreements to sell its worldwide packaged foods and Asia fresh produce businesses for $1.685 billion in cash.
Dole will sell the unit to ITOCHU Corp.
At $1.685 billion, the price is 8.9 times EBITDA of $190 million realized in 2011. By comparison, Dole is going for about 10.4 times expected FY12 earnings.
Dole will hold a conference call at 4:30pm EDT today. Access to a live audio webcast is available at http://investors.dole.com under “Webcasts.” Toll-free telephone access will be available by dialing 1-866-700-6293 in the United States and 617-213-8835 from international locations. The participant passcode is 33756630.
Shares of Dole are up over 9 percent ahead of the bell.
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Dole will sell the unit to ITOCHU Corp.
At $1.685 billion, the price is 8.9 times EBITDA of $190 million realized in 2011. By comparison, Dole is going for about 10.4 times expected FY12 earnings.
Dole will hold a conference call at 4:30pm EDT today. Access to a live audio webcast is available at http://investors.dole.com under “Webcasts.” Toll-free telephone access will be available by dialing 1-866-700-6293 in the United States and 617-213-8835 from international locations. The participant passcode is 33756630.
Shares of Dole are up over 9 percent ahead of the bell.
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