Independent directors of Dole Food Co. have agreed to sell the company to its chief executive and largest shareholder, David Murdock, based on a new offer that topped an initial bid Murdock made in June.

The deal announced Monday would give the 90-year-old billionaire complete control of the world’s largest fresh fruit and vegetable producer. Dole was founded in Hawaii, where the company still farms pineapple.

Murdock, who along with family members owns about 40 percent of Dole, agreed to buy out other shareholders for $733 million, or $13.50 per share of stock. The price represented a 5 percent premium to the stock’s $12.81 closing price Friday.

Shares of Dole jumped 5 percent Monday to close at $13.45 after the new bid and board acceptance were announced.

Murdock in June offered $12 a share, which at that time represented an 18 percent premium over the stock’s price.

Dole’s board, excluding Murdock, who is chairman, said the new offer is "fair to and in the best interests of the company and the stockholders of the company other than Mr. Murdock."

The Westlake Village, Calif.-based company reserved the right to seek higher bids for 30 days and pay Murdock $15 million if it accepts a higher bid or terminates his purchase agreement.

Murdock has arranged financing from Deutsche Bank, Bank of America and The Bank of Nova Scotia. The billionaire also will contribute cash and equity to the purchase, and is assuming Dole debt, the company said.

Forbes pegs Murdock’s net worth at $2.4 billion, including his stake in Dole.

A majority of Dole shareholders excluding Murdock will need to approve the sale. If approved, the deal is expected to close in the fourth quarter.

Sole ownership of Dole would give Murdock control of a company with operations that produced $4.2 billion in revenue last year and has a total value of about $1.6 billion including debt and Murdock’s shares.

If the sale closes, it would be the second time Murdock has taken Dole private. The first time was in 2003 when he owned 24 percent of the company’s stock and acquired the rest in a $2.5 billion deal. Dole became public again in 2009 but has struggled financially and has been selling assets to reduce debt.

Dole was established in Hawaii by James Dole in 1901 as Hawaiian Pineapple Co. and helped make pineapple production Hawaii’s second-largest industry. The company also at one time operated the world’s largest pineapple plantation on Lanai.

Murdock for many years owned 97 percent of Lanai that James Dole bought in 1922, but sold the property last year to fellow billionaire Larry Ellison for what the Wall Street Journal reported was $300 million.

Dole still owns a considerable amount of farmland in Hawaii — about 25,000 acres on Oahu — and grows pineapple, coffee and cacao on about 2,900 acres. In recent years as part of its effort to pay down debt, Dole has sold pieces of its Oahu real estate, and is marketing about 20,600 acres that it doesn’t farm for $200 million.