The Supply Side: Retail supplier briefs
by August 12, 2013 6:41 pm 83 views
• Dole CEO to take company private
David Murdock, chairman and CEO of Dole Food Co. aims to take the company private. The cost for all outstanding shares is roughly $1.6 billion. He has entered an agreement to acquire the stock for $13.50 a share and assume the company’s debt.
Murdock holds roughly a 40% stake in Dole Food Co. The transaction, which is subject to stockholder and regulatory approval, will be financed through cash and equity from Murdock who has lined up financing with Deutsche Bank, Bank of America and The Bank of Nova Scotia.
The agreement also includes a 30-day period during which other proposals may be considered. Pending no competing bids, the deal is expected to close during the fourth quarter of this year.
Murdock first offered $12 a share in June and a committee of directors unanimously approved the agreement.
Dole posted 2012 revenues of $4.2 billion, but in April the company sold its worldwide packaged goods and Asia fresh businesses to Itochu Corp. for $1.685 billion.
Dole is a supplier to Wal-Mart Stores Inc.
• J&J LaBerge hired by Mars Chocolate
Rick LaBerge, who spent two decades at Johnson & Johnson, recently assumed the role of vice president of sales at Mars Chocolate North America.
LaBerge will oversee the strategy and execution of retail management, customer account teams, field sales and customer development for the chocolate maker.
At J&J LaBerge recently served as the general manager of the Walmart Global Cross Functional team for the health care company’s consumer product’s segment. In that role, LaBerg oversaw a mix of brands and segments across the consumer sector representing $1.6 billion in sales.
Johnson & Johnson and Mars Chocolate are suppliers to Wal-Mart Stores Inc. with sales offices in Northwest Arkansas. LaBerge spent 14 months with Johnson & Johnson in Rogers before assuming the Mars position in New Jersey.