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Text size [+][-]  Thursday March 18 2010GLOBAL EDITION

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23 Oct 2009 17:29

Context News

Dole Food sold 35.7m shares at $12.50 each to raise $470m. The company had planned on selling shares at $13 to $15 apiece.

Goldman Sachs, Bank of America-Merrill Lynch, Deutsche Bank and Wells Fargo are underwriting the offering.

In mid-day trading, shares were down 2.5% to $12.18.

 

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The food company priced its offering below the anticipated range. Investors appeared worried about Dole’s debt, among other things. Its performance may serve as a warning to private equity funds hoping to unload assets still lumpy with leverage.

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