Fruit and vegetable producer Dole has filed documents with regulators to return to the U.S. stock market in a deal in which its 98-year-old billionaire owner David Murdock ultimately relinquished the reins of the company.
David Murdock has made what was originally a Hawaiian pineapple-growing company one of the world’s largest producers and distributors of fresh food.
He resigned from the board earlier this year as part of a merger with his Irish counterpart Total Produce.
The IPO is one of the latest pieces of a deal that began with the Irish company buying 45% of Dole for $ 300 million three years ago.
Murdock will not be in a managerial or managerial position with Dole after the transaction, a company spokesperson said.
Originally a real estate investor, the American billionaire took over Dole in the 1980s by buying his parent company Castle & Cooke.
He deprived Dole in 2003, only to introduce it publicly in 2009, then buy it back four years later.
He was replaced on the company’s board earlier this year by Total Produce chairman Carl McCann.
Total Produce executives will take over the roles of Chairman and CEO, while Dole CEO Johan Lindén will become COO.
Dole did not disclose the number of shares he was considering offering or his target price range in his filing.
Its shares are expected to trade on the New York Stock Exchange under the trade symbol “DOLE”.
Goldman Sachs, Deutsche Bank Securities and Davy are the main underwriters of the offer.