Dive Brief:

• Dole Food Co's 90-year old CEO has filed to take the company private—again. 
• CEO David Murdock took control of Dole in 1985. Since then the company has spun in and out of public markets multiple times, with Murdock always maintaining control.
• This time a shareholder group has filed suit to stop the privatization.
• The shareholders argue that the board, which consists of the many of the same folks who have approved Murdock's schemes for years, is rife with conflict. 
• The buyout offer of $13.50 a share comes after the board apparently rejected an outside bid of $14.

Dive Insight:

You don't have to look very long or hard at American business to grow a little cynical. The Dole deal(s) can provide a good example of why. As pointed out in the DealBook article, there seems to be no reason to believe that Murdock and his supporters are interested in anything other than Murdock and his supporters. The wheels are greased with personal connections, political donations and the endless desires for wealth of a 90-year-old man. The board will approve the deal. And it will be just a little bit tougher for all of us to talk to our children about the wonders of the free-enterprise system with a straight face.