In a Reuters report, Dole Food Co Inc agreed with the Chairman and Chief Executive David Murdock to be taken private at USD13.50 per share. 

The increase in offer swayed the company's decision to be taken on by the Chief Executive. Before the final offer was made, Dole continued trading in the hopes of a higher bid, the report added. Dole's shares were valued at 5% higher at USD13.45 in Monday's morning trade. 

Murdock is the largest shareholder of Dole, whose ownership is at 40%. Murdock offered to buy the remaining stakes of the company for USD12 per share pre-trading last June. Murdock raised his offer to USD13.50 on Monday to counter then-trading share price of USD13.45.  

This deal also includes a 30-day go-shop period, of which Dole used the time to look for better offers. The deal will be covered by both cash and equity, and to be financed by Deutsche Bank, Bank of America and The Bank of Nova Scotia.