By Adria Calatayud
London-listed shares in Total Produce PLC fell Wednesday after the company said the expected price of Dole PLC’s initial public offering in New York has been lowered to between $16 and $17 a share, from between $20 and $23 previously.
Fruit-and-vegetable giant Dole PLC is the result of a merger between Ireland-based Total Produce and its 45%-owned Dole Food Co. The companies in February agreed to combine under a newly created, U.S.-listed company.
Total Produce said it has agreed with affiliates of Castle & Cooke Inc., which owns the remaining 55% of Dole Food Co., that there will be no secondary offering by C&C shareholders in the IPO and that all of the IPO proceeds will be for Dole PLC.
Total Produce said its shareholders’ ownership in Dole PLC will be reduced to 57.1% from 61.5% after the IPO. Shares in Total Produce will be suspended from trading on Euronext Growth and London’s AIM market on Friday, the company said.
London-listed shares in Total Produce at 0733 GMT were down 12% at 185 pence.
Write to Adria Calatayud at email@example.com
View more information: https://www.marketwatch.com/story/total-produce-shares-in-london-fall-after-cut-to-dole-s-expected-ipo-price-271627458237