$2.5 billion Dole sale is a no-go

January 08, 2018

In December Belgium-based Greenyard NV was in advanced negotiations to acquire Dole Food Co. in a deal that was expected to be valued at more than $2.5 billion. Now Greenyard's negotiations have ended without a definitive agreement to acquire Dole.

“While the acquisition of Dole by Greenyard would have marked a significant milestone for both companies, we are confident that Greenyard has the right strategy and priorities in place to continue generating profitable growth and strengthening our global leadership position in fruit and vegetables," said Hein Deprez, executive chairman of Greenyard. "We pursued all efforts to realise a transaction with financial and strategic merit that would have created value for all stakeholders involved, nevertheless an agreement could not be reached."

Dole has been considering an initial public offering; however, the company reportedly considered Greenyard more appealing because it would provide a quicker avenue for David Murdock, Dole’s chairman, to sell off his ownership.