Dole Food Inc.'s chairman David Murdock, the world's biggest producer of fruits and vegetables, is offering a total of $1.5 billion worth of enterprise value to its shareholders to secure ownership of the rest of its shares.

Murdock announced that he will offer $12 cash per share for the 60 percent Westwide Village stake that his family does not own. He said that his current offer is 18 percent more than the stock's  $10.20 close yesterday in New Jersey. Murdock said that he will take care of all fees and obligations associated with the deal.

The offer depends on the execution and negotiation of a binding agreement, said Murdock. Additionally, the deal hinges on approvals by investors owning shares that Murdock's family has no control over, and approvals from the board of directors and the community.

Deutsche Bank AG will advise on the transaction as requested by Murdock. The bank sent a "highly confident letter" to Dole's chairman discussing the financing of their bid.