Paul Hastings Represents David H. Murdock in Acquisition of Dole Food Company, Inc.
Signature Transaction Valued at Approximately $2.5 Billion
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
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