Dole Food's Chairman and CEO David Murdock and his family are offering to buy the business with a bid that values the entire company at about $1.07 billion. Murdock and other family members are making an unsolicited offer of $12 per share for the shares of the company that they don't already own, an 18 percent premium to Dole's closing price Monday.
Substitutes sought for aviation gas
Aviation regulators will begin testing, as soon as next year, unleaded substitutes for aviation gasoline that remains the largest source of U.S. airborne lead. The Federal Aviation Administration invited fuel manufacturers to submit proposals for unleaded formulations. The agency pledged last year to find a replacement by 2018 for leaded aviation gasoline, which has been linked in health studies to elevated levels of the toxic metal in children who live near general-aviation airports.
Job turnover hints at confidence
More Americans are quitting their jobs, suggesting many are growing more confident in the job market. The Labor Department said Tuesday that the number of people who quit their jobs in April jumped 7.2 percent to 2.25 million. That's just below February's level, which was the highest in 4½ years. Overall hiring also picked up in April, though not as dramatically. Employers filled 4.4 million jobs in April, a 5 percent increase from March. Hiring fell in March, and April's level was below February's.
Signs are good at wholesale level
U.S. wholesalers increased their stockpiles in April and their sales rebounded from a big decline in March, positive signs for economic growth. The Commerce Department said Tuesday that stockpiles at the wholesale level rose 0.2 percent in April. That followed a 0.3 percent gain in March. Sales in April increased 0.5 percent, the best showing since February. In March, sales had plunged 1.4 percent.