David Murdock struck a new $1.6 billion deal to acquire Dole Food Company, the company for which he currently serves as chairman and CEO.

Pursuant to the proposed acquisition agreement, investors will receive $13.50 per Dole share in cash, a $1.50 increase over Mr. Murdock’s June proposal, and a premium of 32% compared to Dole’s share price immediately prior to that proposal.

Murdock took the fruit-and-vegetable producer private once before in 2003 for $2.5 billion.  Subsequently, in 2009, he raised $446 million by selling shares at $12.50 each and took the company public again.  The agreement currently proposed by Murdock allows for a “go-shop” period of 30 days, during which the special committee, with the assistance of Lazard Ltd., will investigate alternate proposals.  The deal is expected to close during the fourth quarter.

Mr. Murdock already owns about 39% of Dole.