A reasonable buyout offer should be in the low 20's per share. It appeared management did not know what they were doing by retracting the buyback but in reality why reduce outstanding shares when you really want to buy the co. yourself at a lower price. Shareholders should not accept a lowball offer. Current assets and future value of assets would mean a buyout no lower than $20.00. I would expect if this deal proceeds that Murdoch would utlimately offer somewhere in the $15-$16 range, you always throw out your low offer at first but have a price in mind your willing to pay. It angers me as I bought DOLE as a long term holding and do not want the co. to go private so I better be offered a respectable premium for my shares.
youll find other long term holds. I too believe that the bid will be increased to somewhere north of 14, so I'm holding my shares for now. Buying a company is like buying anything else with a negotiable price, you low ball first then begin negotiations. Although I can only assume all Dole management was quite aware of this prior to the announcement (hense all the recent shady behavior), I do think investors will demand more a premium.