Shareholders took all of the risk of the ITOCHU transaction. This was a transformational step towards right-sizing and focusing the Dole brands. Shortly thereafter management displays incompetence by announcing that a large chunk of cash will be used to repurchase shares, only to change their minds just weeks later and announce a capital expenditure on new ships - dropping the stock. The point wasn't that this is a poor use of capital but simply a management without a defined plan or vision. I am very suspicious of management behavior shortly before the buyout offer came. In more competent hands DOLE stock could be trading at much higher multiples and continuing to maneuver their now right-sized balance sheet.
Instead Murdock would rather have investors take all the risk of the ITOCHU transaction only to try and steal huge potential upside away once it was completed.
I hope the activists stand up and pay attention to this. $13.50 hugely undervalues this company. I think with a couple years of improved operations and a focus on top of the new capital structure and this company could be trading at $20 easy.
Shareholders are getting the short end on this offer.