Dole (DOLE) 'Go Private' Offer Viewed as Attactive, Peers Remain on Watch
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Price: $12.20 -0.97%
Rating Summary:
5 Buy, 2 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 13
Rating Summary:
5 Buy, 2 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 13
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On Tuesday morning Dole (NYSE: DOLE) received an unsolicited proposal from David H. Murdock, the Company's Chairman of the Board and CEO, to acquire all of the outstanding shares of common stock not already owned by Mr. Murdock or his family for $12.00 per share in cash.
In the view of Janney Montgomery Scott, this is an attractive offer and it will likely be successful close to $12/share given Murdock's large, 40% stake in the company. Analyst Jonathan Feeney noted that deals like this are usually are done closer to the 52-week high. In this case, the offer is below the 52-week high. However, it is still an 18% premium to the to yesterday's close.
Feeney noted large discounts in Chiquita Brands (NYSE: CQB) and Fresh Del Monte Produce Inc. (NYSE: FDP) given the 10.1x offered for DOLE.
Janney has a Buy rating on Dole with a price target of $12.00
For an analyst ratings summary and ratings history on Dole (NYSE: DOLE) click here. For more ratings news on Dole click here.
Shares of Dole closed at $10.20 yesterday.
In the view of Janney Montgomery Scott, this is an attractive offer and it will likely be successful close to $12/share given Murdock's large, 40% stake in the company. Analyst Jonathan Feeney noted that deals like this are usually are done closer to the 52-week high. In this case, the offer is below the 52-week high. However, it is still an 18% premium to the to yesterday's close.
Feeney noted large discounts in Chiquita Brands (NYSE: CQB) and Fresh Del Monte Produce Inc. (NYSE: FDP) given the 10.1x offered for DOLE.
Janney has a Buy rating on Dole with a price target of $12.00
For an analyst ratings summary and ratings history on Dole (NYSE: DOLE) click here. For more ratings news on Dole click here.
Shares of Dole closed at $10.20 yesterday.
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