NEW YORK, March 31 /PRNewswire/ -- Paul, Hastings, Janofsky & Walker LLP
today announced that the firm represented David H. Murdock, Dole's Chairman
and Chief Executive Officer, in completing his acquisition of
Dole Food Company, Inc. (NYSE: DOL). In addition to the representation of Mr.
Murdock in the going-private transaction, the firm also represented Mr.
Murdock and Dole Food Company in the financing for the transaction including
the issuance of high yield bonds and a senior debt financing.
The going-private merger agreement was approved on March 26, 2003 at a
special meeting of the Dole stockholders. Dole announced that its shares of
Common Stock will cease to be traded in any public market effective at the
close of business today. The transaction is valued at $2.5 billion and as a
result of the merger, Mr. Murdock now controls one of the largest private
company groups in the country.
"This signature transaction is one of a number of large deals that Paul
Hastings has worked on in the past year," said Peter Tennyson, partner in the
firm's corporate practice. "We were pleased to work closely with David
Murdock in assisting Dole's transition to a privately-held company. Mr.
Murdock is a tireless and creative leader, and we recognize that the primary
factors in the transaction's success were his drive and ability to select and
motivate the right people, from his own staff to his bank team and advisors."
The Paul Hastings team, which worked closely with Michael Carter and the
Dole legal team on this transaction, included: Partners -- Peter Tennyson,
Bill Schwitter, Michael Chernick, Scott M. Zemser, Jorge Alers, Hydee
Feldstein, David Phelps and Doug Schaaf; Of Counsel -- Catherine Patton; and
Associates -- Michael McKinnon, Hank Heyming, Daniel Sonenshine, Alicia Lara,
Jon Tyras, Brian Brennan and Sarah Schuette.
The merger, as is often the case in transactions of this type, was the
target of a number of legal actions. Orange County Partner Peter Stone, one
of the leaders of the Paul Hastings securities litigation practice,
coordinated the defense and settlement of these class actions. While a large
portion of the work was done from the firm's Orange County and New York
offices, attorneys in Paul Hastings' Washington D.C., Tokyo, London and Hong
Kong offices also provided specialty advice on various domestic and
international aspects of the financing.
Dole Food Company, Inc., with 2002 revenues of $4.4 billion, is the
world's largest producer and marketer of high-quality fresh fruit, fresh
vegetables and fresh-cut flowers and markets a growing line of packaged goods.
Paul, Hastings, Janofsky & Walker LLP, founded in 1951, is an
international law firm, representing Fortune 500 companies with more than
850 attorneys located in twelve offices: Costa Mesa, Los Angeles, San Diego,
San Francisco, Stamford, Atlanta, New York, Washington, D.C., Beijing, Hong
Kong, London, and Tokyo.
SOURCE Paul, Hastings, Janofsky & Walker LLP