As reported in Law360, Dole shareholders have settled their class action arising from the Company’s 2013 take-private deal for a $114 million payout. In August 2015, the Delaware Chancery Court had awarded Dole shareholders $148 million, in a combined appraisal and entire fairness action. The settlement thus disposes of the Dole shareholders’ appraisal case as well as the shareholder class claims.
In a related story, Law360 has also reported that two California investment funds filed a complaint in Delaware federal court on Wednesday accusing Dole executives of a fraud designed to drive down the company’s price before the 2013 take-private deal, similar to the class claims that were settled earlier this week.