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Dole Food Co Inc – ‘424B1’ on 8/12/96

As of:  Monday, 8/12/96   ·   Accession #:  912057-96-17101   ·   File #:  333-07849

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  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 8/12/96  Dole Food Co Inc                  424B1                  1:49K                                    Merrill Corp/FA

Prospectus   —   Rule 424(b)(1)
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 424B1       Prospectus                                            15     82K 


Document Table of Contents

Page (sequential) | (alphabetic) Top
 
11st Page   -   Filing Submission
"Common Stock
2Available Information
"Incorporation of Certain Documents by Reference
3The Company
"Use of Proceeds
"Selling Shareholder
4Description of Capital Stock
6Underwriting
"Experts
"Validity of Shares
7Table of Contents
13Plan of Distribution
"Trust Prospectus
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2,500,000 SHARES DOLE FOOD COMPANY, INC. COMMON STOCK (NO PAR VALUE) -------------- All the shares of Common Stock offered hereby are being sold by the Selling Shareholder. See "Selling Shareholder". The Company will not receive any of the proceeds from the sale of the shares. The last reported sale price of the Common Stock, which is listed under the Symbol "DOL", on the New York Stock Exchange on August 8, 1996 was $39.25 per share. In addition to the offering made hereby, the Selling Shareholder is offering up to 2,500,000 shares of Common Stock (exclusive of over-allotment shares) that may be delivered by the Dole Food Automatic Common Exchange Security Trust (the "Trust") to holders of Automatic Common Exchange Securities (the "Automatic Common Exchange Securities") upon exchange of such securities on August 15, 1999 (the "Exchange Date"). The respective closings of the offerings of the Common Stock and the Automatic Common Exchange Securities are not dependent on one another. See "Underwriting". -------------- THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION NOR HAS THE SECURITIES AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. -------------- [Enlarge/Download Table] INITIAL PUBLIC UNDERWRITING PROCEEDS TO SELLING OFFERING PRICE DISCOUNT(1) SHAREHOLDER(2) -------------- ------------- ------------------- Per Share.................................................... $ 39.25 $ 0.883 $ 38.367 Total(3)..................................................... $ 98,125,000 $ 2,207,500 $ 95,917,500 -------------- (1) The Selling Shareholder and the Company have agreed to indemnify the Underwriters against certain liabilities, including liabilities under the Securities Act of 1933. (2) Before deducting estimated expenses of $200,000 payable by the Selling Shareholder. (3) The Selling Shareholder has granted the Underwriters an option for 30 days to purchase up to an additional 375,000 shares at the initial public offering price per share, less the underwriting discount, solely to cover over-allotments. If such option is exercised in full, the total initial public offering price, underwriting discount and proceeds to Selling Shareholder will be $112,843,750, $2,538,625 and $110,305,125, respectively. See "Underwriting". -------------- The shares offered hereby are offered by Goldman, Sachs & Co., as specified herein, subject to receipt and acceptance by them and subject to their right to reject any order in whole or in part. It is expected that the certificates for the shares will be ready for delivery in New York, New York, on or about August 14, 1996, against payment therefor in immediately available funds. GOLDMAN, SACHS & CO. --------- The date of this Prospectus is August 8, 1996.
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IN CONNECTION WITH THIS OFFERING, THE UNDERWRITERS MAY OVER-ALLOT OR EFFECT TRANSACTIONS WHICH STABILIZE OR MAINTAIN THE MARKET PRICE OF THE COMMON STOCK OR THE AUTOMATIC COMMON EXCHANGE SECURITIES AT LEVELS ABOVE THOSE THAT MIGHT OTHERWISE PREVAIL IN THE OPEN MARKET. SUCH TRANSACTIONS MAY BE EFFECTED ON THE NEW YORK STOCK EXCHANGE, THE PACIFIC STOCK EXCHANGE OR OTHERWISE. SUCH STABILIZING, IF COMMENCED, MAY BE DISCONTINUED AT ANY TIME. AVAILABLE INFORMATION Dole Food Company, Inc. (the "Company") is subject to the informational requirements of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and in accordance therewith files reports, proxy statements and other information with the Securities and Exchange Commission (the "Commission"). Such reports, proxy statements and other information may be inspected and copied at the public reference facilities maintained by the Commission at Room 1024, 450 Fifth Street, N.W., Judiciary Plaza, Washington, D.C. 20549 or at its regional offices located at 500 West Madison Street, Suite 1400, Chicago, Illinois 60661 and 7 World Trade Center, 13th Floor, New York, New York 10048. Copies of such material can be obtained from the Public Reference Section of the Commission at 450 Fifth Street, N.W., Judiciary Plaza, Washington, D.C. 20549, at prescribed rates. The Company's Common Stock, no par value (the "Common Stock") is listed on the New York Stock Exchange (the "NYSE") and the Pacific Stock Exchange (the "PSE"). Reports, proxy statements and other information concerning the Company can be inspected at the offices of the NYSE, 20 Broad Street, New York, New York 10005 or the PSE, 115 Sansome Street, 8th Floor, San Francisco, California 94104. This Prospectus constitutes a part of a Registration Statement on Form S-3 filed by the Company with the Commission under the Securities Act of 1933, as amended (the "Securities Act"). This Prospectus omits certain information contained in the Registration Statement in accordance with the rules and regulations of the Commission. Reference is hereby made to the Registration Statement and related exhibits for further information with respect to the Company and the securities offered hereby. Statements contained herein concerning the provisions of any document are not necessarily complete and, in each instance, reference is made to the copy of such document filed as an exhibit to the Registration Statement or otherwise filed with the Commission. Each such statement is qualified in its entirety by such reference. INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE The following documents heretofore filed by the Company under the Exchange Act with the Commission are incorporated herein by reference: (i) the Company's Annual Report on Form 10-K for the fiscal year ended December 30, 1995; and (ii) the Company's Quarterly Reports on Form 10-Q for the fiscal quarters ended March 23, 1996 and June 15, 1996. All documents filed by the Company pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act after the date of this Prospectus but prior to the termination of this offering, shall be deemed to be incorporated in this Prospectus by reference and to be a part hereof from the date of filing such documents. Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Prospectus to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute part of this Prospectus. The Company will provide without charge to each person, including any beneficial owner, to whom a Prospectus is delivered, upon written or oral request of such person, a copy of any or all of the documents incorporated herein by reference (other than exhibits to such documents unless such exhibits are specifically incorporated by reference into the document that this Prospectus incorporates by reference). Requests should be directed to Corporate Secretary, Dole Food Company, Inc., 31365 Oak Crest Drive, Westlake Village, California 91361, telephone number (818) 879-6600. 2
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THE COMPANY The Company is engaged in the business of food production and distribution. The Company is one of the largest companies engaged in the worldwide sourcing, growing, processing, distributing and marketing of high quality, branded fresh produce. The Company sources, grows, processes or markets fruits, vegetables, nuts and beverages in the following locations: North America, Latin America, Asia and Europe. The Company's principal executive offices are located at 31365 Oak Crest Drive, Westlake Village, California 91361, telephone (818) 879-6600. USE OF PROCEEDS The Company will not receive any proceeds from the sales of the shares of Common Stock or the Automatic Common Exchange Securities. All of the shares of Common Stock (including shares deliverable upon exchange of the Automatic Common Exchange Securities) are beneficially owned by the Selling Shareholder. SELLING SHAREHOLDER The shares of Common Stock offered in the Common Stock offering are being offered for the account of David H. Murdock (the "Selling Shareholder"), as trustee of the David H. Murdock Living Trust dated May 28, 1986, as amended. The shares of Common Stock for which Automatic Common Exchange Securities may be exchanged, or cash in lieu thereof, will be delivered to the Trust by the Selling Shareholder pursuant to a forward purchase contract between the Trust and the Selling Shareholder. Mr. Murdock has been Chairman of the Board, Chief Executive Officer and a Director of the Company since July, 1985. Mr. Murdock also has been Chairman of the Board, Chief Executive Officer and a Director of Castle & Cooke, Inc., a Hawaii corporation, since October, 1995; and Chairman of the Board and Chief Executive Officer of Flexi-Van Corporation, a Delaware corporation indirectly wholly-owned by Mr. Murdock, since June, 1982. Mr. Murdock also is sole owner and developer of the Sherwood Country Club in Ventura County, California, and numerous other real estate developments, and sole shareholder of numerous corporations engaged in a variety of business ventures and in the manufacture of textile-related products, and in industrial and building products. See the documents referred to in "Incorporation of Certain Documents by Reference" for additional information about Mr. Murdock. The following table sets forth certain information for the Selling Shareholder with respect to (i) such Selling Shareholder's beneficial ownership of the Common Stock prior to the Common Stock offering, (ii) the number of shares being offered for sale in the Common Stock offering, and (iii) the number of shares and the percentage of outstanding shares of the Common Stock to be beneficially owned by such Selling Shareholder after the offering referred to in clause (ii) above. The following table does not reflect that up to 2,872,452 shares of Common Stock may be delivered by the Selling Shareholder to the Trust pursuant to the forward purchase contract referenced above. [Download Table] Shares of Common Stock Beneficially Owned Prior to the Common Stock Offering.................................... 13,864,278(1)(2) Shares of Common Stock being Offered in the Common Stock Offering................................................. 2,500,000(3) Shares of Common Stock to be Beneficially Owned After the Common Stock Offering.................................... 11,364,278(3) Percentage of Outstanding Shares of Common Stock to be Beneficially Owned After the Common Stock Offering....... 18.8%(3)(4) ------------------ (1) Information is as of August 2, 1996. Mr. Murdock beneficially owns 279,476 shares of Common Stock that may be purchased upon the exercise of employee stock options exercisable on the date hereof or within 60 days thereafter. 3
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(2) Mr. Murdock customarily maintains revolving lines of credit in conjunction with his various business activities, under which borrowings and security vary from time to time, and pursuant to which he provides collateral owned by him, including his shares in the Company. His reported holdings include: (1) 12,263,622 shares of Common Stock owned by David H. Murdock as Trustee for the David H. Murdock Living Trust, dated May 28, 1986; (2) 1,240,310 shares of Common Stock owned by Flexi-Van Delaware, Inc., a corporation indirectly wholly-owned by Mr. Murdock; and (3) 80,870 shares of Common Stock owned by or for the benefit of Mr. Murdock's children. (3) Assumes the Underwriters' over-allotment option is not exercised. (4) The percentage set forth above is calculated on the basis of the number of shares of Common Stock outstanding on August 2, 1996, plus, all stock options granted to Mr. Murdock under the Company's stock option plans that are exercisable within 60 days following the date hereof. DESCRIPTION OF CAPITAL STOCK The authorized capital stock of the Company consists of 80,000,000 shares of Common Stock, no par value, and 30,000,000 shares of Preferred Stock, no par value ("Preferred Stock"). DESCRIPTION OF COMMON STOCK GENERAL The holders of the outstanding shares of Common Stock have full voting rights, one vote for each share held of record on all matters voted on by shareholders (with no cumulative voting rights), and the holders of such shares will possess all voting power, except as otherwise required by law or provided in any resolution adopted by the Board of Directors with respect to any series of Preferred Stock. The affirmative vote of the holders of at least a majority of the shares of Common Stock represented in person or by proxy at the applicable meeting of shareholders and entitled to vote thereat is required with respect to the election of directors and certain other matters. Subject to the rights of holders of any outstanding series of Preferred Stock described below, holders of Common Stock are entitled to receive such dividends as may be declared from time to time by the Board of Directors of the Company out of funds legally available therefor. Upon liquidation, dissolution, or winding up of the Company (but subject to the rights of holders of Preferred Stock), the assets legally available for distribution to holders of Common Stock shall be distributed ratably among such holders. Holders of Common Stock have no preemptive or other preferential subscription or conversion rights, and no liability for further calls upon shares. The Common Stock is not subject to assessment. The Transfer Agent and Registrar for the Common Stock is The First National Bank of Boston. CERTAIN PROVISIONS OF THE COMPANY'S ARTICLES OF ASSOCIATION, BY-LAWS AND HAWAII LAW The Company's Articles of Association (the "Articles") and By-Laws (the "By-Laws"), as well as Hawaii law, contain certain provisions that could make more difficult the acquisition of control of the Company by means of a tender offer, open market purchases, a proxy fight or otherwise. Set forth below is a description of such provisions, which is intended as a summary only and is qualified in its entirety by reference to the Company's Articles of Association and By-Laws, the forms of which are incorporated as Exhibits to the Registration Statement on Form S-3 filed by the Company with the Commission under the Securities Act, of which this Prospectus constitutes a part. Certain provisions of the Company's stock option and award plan which permit the accelerated exercise of options or similar rights upon certain events which may involve a change in control of the Company could also have an anti-takeover effect. The Company believes that the availability of Preferred Stock will provide the Company with increased flexibility in structuring possible future financings and acquisitions, and in meeting other corporate needs which might arise. Having such authorized shares available for issuance will allow the Company to issue shares of Preferred Stock without the expense and delay of a special shareholders' meeting. The authorized Preferred Stock, as well as Common Stock, will be available for issuance without further action by the Company's shareholders, unless such action is required by applicable law or the rules of any stock exchange on which securities of the Company may be listed. Although the 4
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Board of Directors of the Company has no intention at the present time of doing so, it would have the power to issue a series of preferred stock that could, depending on the terms of such series, impede the completion of a merger, tender offer or other takeover attempt. The Hawaii Corporate Takeovers Act, Ch. 417E, Hawaii Revised Statutes, generally applies to "takeover offers" made to residents of the State of Hawaii in which the offeror would become the beneficial owner of at least ten percent of the equity securities of any publicly traded corporation organized under the laws of the State of Hawaii, such as the Company, unless the takeover (i) is approved in writing by the board of directors of the corporation, (ii) is registered under the Hawaii Corporate Takeovers Act or (iii) is otherwise exempt under the Act. The application of this Act could deter potential purchasers from attempting to buy the Company's outstanding Common Stock or any outstanding Preferred Stock. Under the Hawaii Environmental Disclosure Statute, a person (including such person's affiliates) who beneficially owns at least ten percent but less than 50% of the securities entitled to vote for the election of directors of the Company may not acquire more than five percent of such securities during any 12-month period without filing an Environmental Disclosure Statement with the Hawaii Office of Environmental Quality Control. The Hawaii Business Corporation Act provides that a director of a Hawaii corporation, in determining the best interests of the corporation, may consider, in such director's discretion, the following factors in addition to the interests of the corporation's shareholders: the interests of the corporation's employees, customers, suppliers and creditors, including, without limitation, the impact of any action upon the communities in or near which the corporation has offices or operations; the economy of the State of Hawaii and of the United States; community and societal considerations; and the long-term as well as the short-term interests of the corporation and its shareholders, including, without limitation, the possibility that these interests may be best served by the continued independence of the corporation. The Company's By-Laws establish an advance notice procedure with regard to the nomination, other than by or at the direction of the Board of Directors, of candidates for election as directors. Although the purpose of the notice procedure is to afford the Board of Directors a meaningful opportunity to consider and, to the extent deemed desirable by the Board of Directors, to inform shareholders of, the qualifications of the proposed nominees, the notice procedure may have the effect of precluding a nomination for the election of directors at a particular shareholders' meeting. DESCRIPTION OF PREFERRED STOCK Under the Articles of the Company, the Board of Directors of the Company is authorized without further shareholder action to provide for the issuance of up to 30,000,000 shares of Preferred Stock, in one or more series, and to fix for each series such voting powers, full or limited, and such designations, preferences and relative, participating, optional or other special rights (including conversion, redemption, liquidation and voting rights), and qualifications, limitations or restrictions thereof, as shall be stated in the resolution or resolutions providing for the issue of a series of such stock adopted, at any time or from time to time, by the Board of Directors of the Company (as used herein the term "Board of Directors of the Company" includes any duly authorized committee thereof) and as are permitted by the Hawaii Business Corporation Act. The holders of the Preferred Stock that may be issued from time to time in the future, may have preferences, powers and rights (including voting rights) that are senior to the rights of the Common Stock. 5
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UNDERWRITING Subject to the terms and conditions of the Underwriting Agreement, the Selling Shareholder has agreed to sell to Goldman, Sachs & Co. ("Goldman Sachs"), and Goldman Sachs have agreed to purchase from the Selling Shareholder, 2,500,000 shares of Common Stock. Under the terms and conditions of the Underwriting Agreement, Goldman Sachs are committed to take and pay for all of the shares offered hereby, if any are taken. Goldman Sachs propose to offer the shares of Common Stock in part directly to the public at the initial public offering price set forth on the cover page of this Prospectus and in part to certain securities dealers at such price less a concession of $0.52 per share. Goldman Sachs may allow, and such dealers may reallow, a concession not in excess of $0.10 per share to certain brokers and dealers. After the shares of Common Stock are released for sale to the public, the offering price and other selling terms may from time to time be varied by Goldman Sachs. The Selling Shareholder has granted Goldman Sachs an option exercisable for 30 days after the date of this Prospectus to purchase up to an aggregate of 375,000 additional shares of Common Stock solely to cover over-allotments, if any. The Selling Shareholder and the Company have agreed that, during the period beginning on the date of this Prospectus and continuing to and including the date 180 days, in the case of the Selling Shareholder, and 90 days, in the case of the Company, after the date of this Prospectus, they will not offer, sell, contract to sell or otherwise dispose of any Common Stock or other securities of the Company (other than pursuant to employee stock option plans existing, or on the conversion or exchange of convertible or exchangeable securities outstanding, on the date of this Prospectus) which are substantially similar to the Common Stock or which are convertible or exchangeable into Common Stock or other securities which are substantially similar to the Common Stock, without the prior written consent of Goldman Sachs, except for the shares offered hereby; provided, however, that to the extent that the Selling Shareholder borrows under a margin loan (which loan shall not be in excess of $25,000,000) the foregoing restriction shall not apply to those shares of Common Stock that are pledged by the Selling Shareholder as collateral for such margin loan, provided, further, that the foregoing restriction shall not apply to the pledges of Common Stock as collateral pursuant to any margin loans existing on the date of this Prospectus. The Selling Shareholder and the Company have agreed to indemnify Goldman Sachs against certain liabilities, including liabilities under the Securities Act of 1933. Up to 2,500,000 additional shares of Common Stock (or up to 2,872,452 shares if the applicable over-allotment option is exercised in full) may be delivered by the Trust to holders of the Automatic Common Exchange Securities upon exchange of the Automatic Common Exchange Securities on the Exchange Date. In lieu of delivery of such shares, the Selling Shareholder may elect to pay cash on the Exchange Date for each share then deliverable in an amount equal to the average closing price of the Common Stock on the 20 trading days immediately preceding the Exchange Date. The Automatic Common Exchange Securities are being offered through an underwriter or underwriters in the manner described in a separate prospectus for such offering. The respective closings of the offerings of the Common Stock and the Automatic Common Exchange Securities are not dependent upon one another. EXPERTS The audited consolidated financial statements and related audited consolidated financial statement schedules of the Company and its subsidiaries, incorporated by reference in this Prospectus and included in the Company's Annual Report on Form 10-K for the year ended December 30, 1995, have been audited by Arthur Andersen LLP, independent public accountants, as indicated in their reports with respect thereto, and are incorporated by reference herein in reliance upon the authority of said firm as experts in accounting and auditing. VALIDITY OF SHARES The validity of the shares of Common Stock being offered hereby will be passed upon for the Company by Goodsill Anderson Quinn & Stifel, Honolulu, Hawaii, and certain legal matters will be passed upon for the Underwriters by Sullivan & Cromwell, Los Angeles, California. Sullivan & Cromwell will rely on the opinion of Goodsill Anderson Quinn & Stifel with respect to matters governed by Hawaiian law. 6
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-------------------------------------------------------------------------------- -------------------------------------------------------------------------------- NO PERSON HAS BEEN AUTHORIZED TO GIVE ANY INFORMATION OR MAKE ANY REPRESENTATIONS OTHER THAN THOSE CONTAINED IN THIS PROSPECTUS, AND, IF GIVEN OR MADE, SUCH INFORMATION OR REPRESENTATIONS MUST NOT BE RELIED UPON AS HAVING BEEN AUTHORIZED. THIS PROSPECTUS DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY SECURITIES OTHER THAN THE SECURITIES TO WHICH IT RELATES OR AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY SUCH SECURITIES IN ANY CIRCUMSTANCES IN WHICH SUCH OFFER OR SOLICITATION IS UNLAWFUL. NEITHER THE DELIVERY OF THIS PROSPECTUS NOR ANY SALE MADE HEREUNDER SHALL, UNDER ANY CIRCUMSTANCES, CREATE ANY IMPLICATION THAT THERE HAS BEEN NO CHANGE IN THE AFFAIRS OF THE COMPANY SINCE THE DATE HEREOF OR THAT THE INFORMATION CONTAINED HEREIN IS CORRECT AS OF ANY TIME SUBSEQUENT TO ITS DATE. -------------- TABLE OF CONTENTS [Download Table] PAGE ---- Available Information....................................... 2 Incorporation of Certain Documents by Reference............. 2 The Company................................................. 3 Use of Proceeds............................................. 3 Selling Shareholder......................................... 3 Description of Capital Stock................................ 4 Underwriting................................................ 6 Experts..................................................... 6 Validity of Shares.......................................... 6 2,500,000 SHARES DOLE FOOD COMPANY, INC. COMMON STOCK (NO PAR VALUE) ------------- PROSPECTUS ------------- GOLDMAN, SACHS & CO. -------------------------------------------------------------------------------- --------------------------------------------------------------------------------
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2,500,000 SHARES DOLE FOOD COMPANY, INC. COMMON STOCK (NO PAR VALUE) -------------- This Prospectus relates to up to 2,500,000 shares of Common Stock of the Company (exclusive of over-allotment shares) beneficially owned by the Selling Shareholder identified under the heading "Selling Shareholder" that may be delivered by the Dole Food Automatic Common Exchange Security Trust (the "Trust") to holders of Automatic Common Exchange Securities of the Trust (the "Automatic Common Exchange Securities") upon exchange of such securities on August 15, 1999. The Automatic Common Exchange Securities are being sold by the Trust in an offering described in the attached prospectus of the Trust (the "Trust Prospectus"). See "Trust Prospectus". In addition, the Selling Shareholder is offering up to 2,500,000 shares of Common Stock (exclusive of over-allotment shares) pursuant to a separate prospectus of the Company. The respective closings of the offerings of the Automatic Common Exchange Securities and the Common Stock are not dependent upon one another. The Company will not receive any proceeds from the sales of the Automatic Common Exchange Securities or shares of the Common Stock. The last reported sale price of the Common Stock, which is listed under the Symbol "DOL", on the New York Stock Exchange on August 8, 1996 was $39.25 per share. -------------- THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION NOR HAS THE SECURITIES AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. -------------- GOLDMAN, SACHS & CO. -------- The date of this Prospectus is August 8, 1996.
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IN CONNECTION WITH THIS OFFERING, THE UNDERWRITERS MAY OVER-ALLOT OR EFFECT TRANSACTIONS WHICH STABILIZE OR MAINTAIN THE MARKET PRICE OF THE COMMON STOCK OR THE AUTOMATIC COMMON EXCHANGE SECURITIES AT LEVELS ABOVE THOSE THAT MIGHT OTHERWISE PREVAIL IN THE OPEN MARKET. SUCH TRANSACTIONS MAY BE EFFECTED ON THE NEW YORK STOCK EXCHANGE, THE PACIFIC STOCK EXCHANGE OR OTHERWISE. SUCH STABILIZING, IF COMMENCED, MAY BE DISCONTINUED AT ANY TIME. AVAILABLE INFORMATION Dole Food Company, Inc. (the "Company") is subject to the informational requirements of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and in accordance therewith files reports, proxy statements and other information with the Securities and Exchange Commission (the "Commission"). Such reports, proxy statements and other information may be inspected and copied at the public reference facilities maintained by the Commission at Room 1024, 450 Fifth Street, N.W., Judiciary Plaza, Washington, D.C. 20549 or at its regional offices located at 500 West Madison Street, Suite 1400, Chicago, Illinois 60661 and 7 World Trade Center, 13th Floor, New York, New York 10048. Copies of such material can be obtained from the Public Reference Section of the Commission at 450 Fifth Street, N.W., Judiciary Plaza, Washington, D.C. 20549, at prescribed rates. The Company's Common Stock, no par value (the "Common Stock") is listed on the New York Stock Exchange (the "NYSE") and the Pacific Stock Exchange (the "PSE"). Reports, proxy statements and other information concerning the Company can be inspected at the offices of the NYSE, 20 Broad Street, New York, New York 10005 or the PSE, 115 Sansome Street, 8th Floor, San Francisco, California 94104. This Prospectus constitutes a part of a Registration Statement on Form S-3 filed by the Company with the Commission under the Securities Act of 1933, as amended (the "Securities Act"). This Prospectus omits certain information contained in the Registration Statement in accordance with the rules and regulations of the Commission. Reference is hereby made to the Registration Statement and related exhibits for further information with respect to the Company and the securities offered hereby. Statements contained herein concerning the provisions of any document are not necessarily complete and, in each instance, reference is made to the copy of such document filed as an exhibit to the Registration Statement or otherwise filed with the Commission. Each such statement is qualified in its entirety by such reference. INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE The following documents heretofore filed by the Company under the Exchange Act with the Commission are incorporated herein by reference: (i) the Company's Annual Report on Form 10-K for the fiscal year ended December 30, 1995; and (ii) the Company's Quarterly Reports on Form 10-Q for the fiscal quarters ended March 23, 1996 and June 15, 1996. All documents filed by the Company pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act after the date of this Prospectus but prior to the termination of this offering, shall be deemed to be incorporated in this Prospectus by reference and to be a part hereof from the date of filing such documents. Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Prospectus to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute part of this Prospectus. The Company will provide without charge to each person, including any beneficial owner, to whom a Prospectus is delivered, upon written or oral request of such person, a copy of any or all of the documents incorporated herein by reference (other than exhibits to such documents unless such exhibits are specifically incorporated by reference into the document that this Prospectus incorporates by reference). Requests should be directed to Corporate Secretary, Dole Food Company, Inc., 31365 Oak Crest Drive, Westlake Village, California 91361, telephone number (818) 879-6600. A-2
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THE COMPANY The Company is engaged in the business of food production and distribution. The Company is one of the largest companies engaged in the worldwide sourcing, growing, processing, distributing and marketing of high quality, branded fresh produce. The Company sources, grows, processes or markets fruits, vegetables, nuts and beverages in the following locations: North America, Latin America, Asia and Europe. The Company's principal executive offices are located at 31365 Oak Crest Drive, Westlake Village, California 91361, telephone (818) 879-6600. USE OF PROCEEDS The Company will not receive any proceeds from the sales of the shares of Common Stock or the Automatic Common Exchange Securities. All of the shares of Common Stock (including shares deliverable upon exchange of the Automatic Common Exchange Securities) are beneficially owned by the Selling Shareholder. SELLING SHAREHOLDER The shares of Common Stock offered in the Common Stock offering are being offered for the account of David H. Murdock (the "Selling Shareholder"), as trustee of the David H. Murdock Living Trust dated May 28, 1986, as amended. The shares of Common Stock for which Automatic Common Exchange Securities may be exchanged, or cash in lieu thereof, will be delivered to the Trust by the Selling Shareholder pursuant to a forward purchase contract between the Trust and the Selling Shareholder. Mr. Murdock has been Chairman of the Board, Chief Executive Officer and a Director of the Company since July, 1985. Mr. Murdock also has been Chairman of the Board, Chief Executive Officer and a Director of Castle & Cooke, Inc., a Hawaii corporation, since October, 1995; and Chairman of the Board and Chief Executive Officer of Flexi-Van Corporation, a Delaware corporation indirectly wholly-owned by Mr. Murdock, since June, 1982. Mr. Murdock also is sole owner and developer of the Sherwood Country Club in Ventura County, California, and numerous other real estate developments, and sole shareholder of numerous corporations engaged in a variety of business ventures and in the manufacture of textile-related products, and in industrial and building products. See the documents referred to in "Incorporation of Certain Documents by Reference" for additional information about Mr. Murdock. The following table sets forth certain information for the Selling Shareholder with respect to (i) such Selling Shareholder's beneficial ownership of the Common Stock prior to the Common Stock offering, (ii) the number of shares being offered for sale in the Common Stock offering, and (iii) the number of shares and the percentage of outstanding shares of the Common Stock to be beneficially owned by such Selling Shareholder after the offering referred to in clause (ii) above. The following table does not reflect that up to 2,872,452 shares of Common Stock may be delivered by the Selling Shareholder to the Trust pursuant to the forward purchase contract referenced above. [Download Table] Shares of Common Stock Beneficially Owned Prior to the Common Stock Offering.................................... 13,864,278(1)(2) Shares of Common Stock being Offered in the Common Stock Offering................................................. 2,500,000(3) Shares of Common Stock to be Beneficially Owned After the Common Stock Offering.................................... 11,364,278(3) Percentage of Outstanding Shares of Common Stock to be Beneficially Owned After the Common Stock Offering....... 18.8%(3)(4) ------------------------------ (1) Information is as of August 2, 1996. Mr. Murdock beneficially owns 279,476 shares of Common Stock that may be purchased upon the exercise of employee stock options exercisable on the date hereof or within 60 days thereafter. A-3
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(2) Mr. Murdock customarily maintains revolving lines of credit in conjunction with his various business activities, under which borrowings and security vary from time to time, and pursuant to which he provides collateral owned by him, including his shares in the Company. His reported holdings include: (1) 12,263,622 shares of Common Stock owned by David H. Murdock as Trustee for the David H. Murdock Living Trust, dated May 28, 1986; (2) 1,240,310 shares of Common Stock owned by Flexi-Van Delaware, Inc., a corporation indirectly wholly-owned by Mr. Murdock; and (3) 80,870 shares of Common Stock owned by or for the benefit of Mr. Murdock's children. (3) Assumes the Underwriters' over-allotment option is not exercised. (4) The percentage set forth above is calculated on the basis of the number of shares of Common Stock outstanding on August 2, 1996, plus, all stock options granted to Mr. Murdock under the Company's stock option plans that are exercisable within 60 days following the date hereof. DESCRIPTION OF CAPITAL STOCK The authorized capital stock of the Company consists of 80,000,000 shares of Common Stock, no par value, and 30,000,000 shares of Preferred Stock, no par value ("Preferred Stock"). DESCRIPTION OF COMMON STOCK GENERAL The holders of the outstanding shares of Common Stock have full voting rights, one vote for each share held of record on all matters voted on by shareholders (with no cumulative voting rights), and the holders of such shares will possess all voting power, except as otherwise required by law or provided in any resolution adopted by the Board of Directors with respect to any series of Preferred Stock. The affirmative vote of the holders of at least a majority of the shares of Common Stock represented in person or by proxy at the applicable meeting of shareholders and entitled to vote thereat is required with respect to the election of directors and certain other matters. Subject to the rights of holders of any outstanding series of Preferred Stock described below, holders of Common Stock are entitled to receive such dividends as may be declared from time to time by the Board of Directors of the Company out of funds legally available therefor. Upon liquidation, dissolution, or winding up of the Company (but subject to the rights of holders of Preferred Stock), the assets legally available for distribution to holders of Common Stock shall be distributed ratably among such holders. Holders of Common Stock have no preemptive or other preferential subscription or conversion rights, and no liability for further calls upon shares. The Common Stock is not subject to assessment. The Transfer Agent and Registrar for the Common Stock is The First National Bank of Boston. CERTAIN PROVISIONS OF THE COMPANY'S ARTICLES OF ASSOCIATION, BY-LAWS AND HAWAII LAW The Company's Articles of Association (the "Articles") and By-Laws (the "By-Laws"), as well as Hawaii law, contain certain provisions that could make more difficult the acquisition of control of the Company by means of a tender offer, open market purchases, a proxy fight or otherwise. Set forth below is a description of such provisions, which is intended as a summary only and is qualified in its entirety by reference to the Company's Articles of Association and By-Laws, the forms of which are incorporated as Exhibits to the Registration Statement on Form S-3 filed by the Company with the Commission under the Securities Act, of which this Prospectus constitutes a part. Certain provisions of the Company's stock option and award plan which permit the accelerated exercise of options or similar rights upon certain events which may involve a change in control of the Company could also have an anti-takeover effect. The Company believes that the availability of Preferred Stock will provide the Company with increased flexibility in structuring possible future financings and acquisitions, and in meeting other corporate needs which might arise. Having such authorized shares available for issuance will allow the Company to issue shares of Preferred Stock without the expense and delay of a special shareholders' meeting. The authorized Preferred Stock, as well as Common Stock, will be available for issuance without further action by the Company's shareholders, unless such action is required by applicable law or the rules of any stock exchange on which securities of the Company may be listed. Although the A-4
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Board of Directors of the Company has no intention at the present time of doing so, it would have the power to issue a series of preferred stock that could, depending on the terms of such series, impede the completion of a merger, tender offer or other takeover attempt. The Hawaii Corporate Takeovers Act, Ch. 417E, Hawaii Revised Statutes, generally applies to "takeover offers" made to residents of the State of Hawaii in which the offeror would become the beneficial owner of at least ten percent of the equity securities of any publicly traded corporation organized under the laws of the State of Hawaii, such as the Company, unless the takeover (i) is approved in writing by the board of directors of the corporation, (ii) is registered under the Hawaii Corporate Takeovers Act or (iii) is otherwise exempt under the Act. The application of this Act could deter potential purchasers from attempting to buy the Company's outstanding Common Stock or any outstanding Preferred Stock. Under the Hawaii Environmental Disclosure Statute, a person (including such person's affiliates) who beneficially owns at least ten percent but less than 50% of the securities entitled to vote for the election of directors of the Company may not acquire more than five percent of such securities during any 12-month period without filing an Environmental Disclosure Statement with the Hawaii Office of Environmental Quality Control. The Hawaii Business Corporation Act provides that a director of a Hawaii corporation, in determining the best interests of the corporation, may consider, in such director's discretion, the following factors in addition to the interests of the corporation's shareholders: the interests of the corporation's employees, customers, suppliers and creditors, including, without limitation, the impact of any action upon the communities in or near which the corporation has offices or operations; the economy of the State of Hawaii and of the United States; community and societal considerations; and the long-term as well as the short-term interests of the corporation and its shareholders, including, without limitation, the possibility that these interests may be best served by the continued independence of the corporation. The Company's By-Laws establish an advance notice procedure with regard to the nomination, other than by or at the direction of the Board of Directors, of candidates for election as directors. Although the purpose of the notice procedure is to afford the Board of Directors a meaningful opportunity to consider and, to the extent deemed desirable by the Board of Directors, to inform shareholders of, the qualifications of the proposed nominees, the notice procedure may have the effect of precluding a nomination for the election of directors at a particular shareholders' meeting. DESCRIPTION OF PREFERRED STOCK Under the Articles of the Company, the Board of Directors of the Company is authorized without further shareholder action to provide for the issuance of up to 30,000,000 shares of Preferred Stock, in one or more series, and to fix for each series such voting powers, full or limited, and such designations, preferences and relative, participating, optional or other special rights (including conversion, redemption, liquidation and voting rights), and qualifications, limitations or restrictions thereof, as shall be stated in the resolution or resolutions providing for the issue of a series of such stock adopted, at any time or from time to time, by the Board of Directors of the Company (as used herein the term "Board of Directors of the Company" includes any duly authorized committee thereof) and as are permitted by the Hawaii Business Corporation Act. The holders of the Preferred Stock that may be issued from time to time in the future, may have preferences, powers and rights (including voting rights) that are senior to the rights of the Common Stock. A-5
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PLAN OF DISTRIBUTION The Automatic Common Exchange Securities will be distributed as described in the Trust Prospectus under the caption "Underwriting". TRUST PROSPECTUS The Automatic Common Exchange Securities are being offered pursuant to the Trust Prospectus. This Prospectus relates only to the Common Stock that may be delivered upon exchange of the Automatic Common Exchange Securities. The Company takes no responsibility for any information included in or omitted from the Trust Prospectus. The Trust Prospectus does not constitute a part of this Prospectus nor is it incorporated by reference herein. EXPERTS The audited consolidated financial statements and related audited consolidated financial statement schedules of the Company and its subsidiaries, incorporated by reference in this Prospectus and included in the Company's Annual Report on Form 10-K for the year ended December 30, 1995, have been audited by Arthur Andersen LLP, independent public accountants, as indicated in their reports with respect thereto, and are incorporated by reference herein in reliance upon the authority of said firm as experts in accounting and auditing. VALIDITY OF SHARES The validity of the shares of Common Stock being offered hereby will be passed upon for the Company by Goodsill Anderson Quinn & Stifel, Honolulu, Hawaii, and certain legal matters will be passed upon for the Underwriters by Sullivan & Cromwell, Los Angeles, California. Sullivan & Cromwell will rely on the opinion of Goodsill Anderson Quinn & Stifel with respect to matters governed by Hawaiian law. A-6
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-------------------------------------------------------------------------------- -------------------------------------------------------------------------------- NO PERSON HAS BEEN AUTHORIZED TO GIVE ANY INFORMATION OR MAKE ANY REPRESENTATIONS OTHER THAN THOSE CONTAINED IN THIS PROSPECTUS, AND, IF GIVEN OR MADE, SUCH INFORMATION OR REPRESENTATIONS MUST NOT BE RELIED UPON AS HAVING BEEN AUTHORIZED. THIS PROSPECTUS DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY SECURITIES OTHER THAN THE SECURITIES TO WHICH IT RELATES OR AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY SUCH SECURITIES IN ANY CIRCUMSTANCES IN WHICH SUCH OFFER OR SOLICITATION IS UNLAWFUL. NEITHER THE DELIVERY OF THIS PROSPECTUS NOR ANY SALE MADE HEREUNDER SHALL, UNDER ANY CIRCUMSTANCES, CREATE ANY IMPLICATION THAT THERE HAS BEEN NO CHANGE IN THE AFFAIRS OF THE COMPANY SINCE THE DATE HEREOF OR THAT THE INFORMATION CONTAINED HEREIN IS CORRECT AS OF ANY TIME SUBSEQUENT TO ITS DATE. -------------- TABLE OF CONTENTS [Download Table] PAGE ---- Available Information....................................... A-2 Incorporation of Certain Documents by Reference............. A-2 The Company................................................. A-3 Use of Proceeds............................................. A-3 Selling Shareholder......................................... A-3 Description of Capital Stock................................ A-4 Plan of Distribution........................................ A-6 Trust Prospectus............................................ A-6 Experts..................................................... A-6 Validity of Shares.......................................... A-6 2,500,000 SHARES DOLE FOOD COMPANY, INC. COMMON STOCK (NO PAR VALUE) ------------- PROSPECTUS ------------- GOLDMAN, SACHS & CO. -------------------------------------------------------------------------------- --------------------------------------------------------------------------------

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