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Business Organizations Keyed to Smith
In re Dole Food Co., Inc. Stockholder Litigation
Citation:
2015 WL 5052214Facts
Murdock, who served as the corporation’s CEO and chairman, proposed to purchase the remaining corporation common stock for $12 per share. The proposal was subject to review by a board committee, as well as a vote by a majority of the corporation’s unaffiliated stockholders. Prior to making the offer, Murdock provided low projections to the corporation’s board as well as other misleading financial information. Carter worked with Murdock to provide more realistic projections to him, but provided inaccurate low projections to the board simultaneously. Ultimately, the committee approved a price of $13.50, which was also approved by the corporation’s unaffiliated stockholders.
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