Shareholders should be #$%$. Murdock looking to steal co assets.
Even though I sold, I would have expected a buyout at higher levels. Management is nothing more than puppets and scammers. What a shame for shareholders, many who bought at or near this offer level just recently
This buyout offer is pretty fishy given the circus show that management has been projecting lately. The earnings call w/ no mention of a buyback, then the subsequent $200m buyback announcement followed weeks later by the cancellation and plan to instead use money to procure new vessels. Now after completely confusing investors and projecting management negligence the CEO wants to come in and scoop up the rest of the company at lowball prices. Sure makes it look like the intention was to drive the stock down to make this buyout seem reasonable. In wiser hands, this company has a lot of great assets and should be worth at least $18-20.
Would that be new behavior for Murdock? His past actions speak for themselves. Didn't he take $40 Million from the retirement funds of employees at Cannon Mills bank in the early 1980's? Was that a crime? Did he go to jail? How are those 45 year employees of Cannon Mills getting food to eat now?
and ex-investors should be #$%$ they didn't hold onto a company as asset rich and clearly undervalued as Dole. Dole isn't currently worth 15 and won't be for a long time, so I understand why Murdoch is trying to get it cheap. However, keep in mind this is just a bid. PPS is already trading 50 cents higher than the bid because word on the street is that shareholders won't accept the bid and he'll bid a little more.
Although the offer is considered unfairly low, Murdock has now rolled the dice. Dole is now in play mode. If there was a White Knight out there stalking, could be forced to surface by Murdock. This could turn out to be a possible bidding war if he was intentional to keep the business. On the other hand due to his age, he might be beating the bushes to force out a higher bidder so he can get out of the business. His diet propaganda might be just extra advertising to his advantage. Everybody eats meat at sometime, if he only ate veggies, he would be a stick. He don´t look skinny. He is indeed a very clever witty man. Whatever----the bid is too low, and he knows that. Not rocket Science.