Dole Food Co. chairman and chief executive officer David Murdock offered about $645 million to buy out other shareholders of the fresh fruit and vegetable producer, saying stock markets are too concerned with short-term results.

Murdock will pay $12 a share in cash for the 60 percent stake in Westlake Village, California-based Dole that’s not owned by him or his family, he said today in a statement. The offer is 18 percent more than the company’s closing price on June 12. Dole rose 22 percent to $12.46 in New York, the biggest gain since it resumed public trading in 2009.

Subscribe Now

Complete access to real-time information and analysis of news and trends in the industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.