I have finished up writing the main transcript of my book and have done one full revision and edit of the book. I have sent the book off to some family members and a couple recently published investing authors to get some feedback on things that I could be doing better.
After receiving some feedback from those sources, (Thank you all so much!) I am in the process of going back over the entire book to make improvements. I wanted to release this portion of the book right now to you all because I have talked about Dole Food Company, Inc. (NYSE:DOLE) quite a bit on this blog and I wanted to share my full thoughts about the ridiculous situation at going on at Dole right now.
It appears that a lot of Dole's current shareholders agree that the buyout offer at $12 is ridiculously low as its own shareholders have been suing the company to stop the low ball going private transaction offer.
Below are just two of the many articles about Dole Food Company, Inc. (NYSE:DOLE) getting sued for the proposed transaction.
Directly below are two pages from my upcoming book where I talk about the transaction. Please feel free to leave any comments or concerns you have about the actual excerpt from my book or the proposed Dole Food Company, Inc. (NYSE:DOLE) transaction as I would love to converse about either. Also keep in mind that I still have a lot of editing and revising to do if you find any grammar or editing errors (tickers added into excerpt).
"As I have been writing, editing, and revising this book, Dole’s Chairman Mr. Murdock has put in an offer to take the company private once again like I thought that he may do so I wanted to write my thoughts on the ridiculous offer being given to Dole Food Company, Inc. (NYSE:DOLE) shareholders. I did think that Mr. Murdock may have wanted to take the company private again but what I didn’t expect was the manipulation of the company’s stock price in my opinion before that happened. Shortly after Dole sold its worldwide operations to Itochu Dole management began to do some very strange things. The value of its land holdings, that Dole management themselves estimated to be worth around $500 million when they were getting ready to sell their worldwide operations to Itochu, suddenly stated that they thought their land now was worth only around $250 million only a few months later.
This was shocking to me and led to me sell the stock I owned in Dole Food Company, Inc. (NYSE:DOLE) in my personal portfolio and the portfolios that I manage because I figured that Dole was doing something untoward to try to get the value of its shares down so the company could be taken private again at a cheaper valuation. One of my followers on Seeking Alpha and I actually talked about this and both came to the same conclusion that something fishy was going on.
After selling my shares in Dole Food Company, Inc. (NYSE:DOLE) due to the above situation I stopped paying attention to the company all together to concentrate on the research of other companies until it came out that Dole was planning to do a massive buyback of its shares. I thought this was a very good thing for them to do since I found the company to be very undervalued when writing my second article on them so I started to look into them a little bit again. Before I could do even minimal research into the new situation at Dole though its management made another very strange decision. A few days after Dole Food Company, Inc. (NYSE:DOLE) announced that it was going to buy back $200 million worth of its shares it changed its mind and all of the sudden decided to update its fleet of container ships instead and canceled the proposed share buyback program.