Dole's CEO to Buy Out Company

The chief executive of the Dole Food Company agreed on Monday to buy full control of the fruit and vegetable producer, valuing the company at about $1.6 billion, including debt.

Under the terms of the deal, the chief executive, David H. Murdock Jr., will pay $13.50 a share for the 60 percent of the company's shares that he does not already own. That is 5 percent higher than Dole's closing price of $12.81 on Friday and 12.5 percent higher than Mr. Murdock's original offer of $12 a share.

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