Dole: Legacy Owner Sale offers a rare 10% off sale event

$DOLE is currently on a 10% off sale for a non-fundamental reason (a legacy owner unloading all its shares)

The legacy owner (David Murdock, ~13% equity owner) passed away in June 2025 at age 102, and it announced a secondary offering at $13.25 this morning (10% discount to 9/3 closing price). The market responded with a 10% decline today.

David Murdock (and his family) have no role whatsoever in the business and have long expressed their intent to exit. The sale is taking place right after his passing, timed for a step-up cost basis (tax management) for his heirs.

This is a classic 'fake insider' sale that carries negative sentiment, but means little to the business fundamentals. fwiw, McCann family(Chairman) owns 7.7% equity, and hasn't sold a share.

For a short-term trade, I expect the market to recover to its level of 9/3 (~$14.7).

For a long-term investment, the largest legacy equity owner's exit clears hurdles for many potential owners and opens doors to various opportunities. In the meantime, Dole itself is a fine/profitable business, currently valued at ~6x Ev/Ebitda, and <10x FCF.