The former Louisiana district attorney and his law firm have launched an investigation into the board of directors of Dole Foods following a $1.5 billion bid by CEO David Murdock to purchase the rest of the company, according to Legal Newsline.

The 90 year-old Murdock owns a 40 percent stake in the Westlake Village, Calif.-based company. He plans to take the company private. 

But apparently the buyout bid has sparked some concerns. From Legal Newsline: 

Foti, who served as Louisiana’s top lawyer from 2004-08, said in a statement that his firm’s investigation is focusing on the board’s process for considering the proposed transaction; whether Dole and/or its officers and directors are working in shareholders’ best interests; whether the proposed consideration is adequate, fair and consistent with the fair or inherent value of Dole; and whether Murdock is using his position in order to purchase the company at an unfair price.

Murdock, who has substantial land holdings in Hawaii, made headlines last year when he sold the island of Lanai to billionaire Oracle CEO Larry Ellison.

(Photo: Flickr, canadianfamily) 

— Sophie Cocke