Current Account: Fyffes will no doubt be watching recent developments at its old sparring partner, Dole, with interest.

Those with long memories will remember that the California-based group, one of the biggest fresh produce multi-nationals in the world, was involved in detailed discussions on a takeover of Fyffes around 10 years ago.

At the time, Dole offered £423 million for Fyffes but the deal was abandoned when the two parties failed to agree on price.

Now the shoe is on the other foot. Dole has just rejected a buyout proposal from its chief executive, David Murdock, on the basis that it undervalues the company.

Mr Murdock offered $29.50 per share for the 76 per cent of the company that he or his family do not already own, valuing Dole at more than $1.2 billion.

However, the board believes the offer is too low, as do a group of shareholders who immediately filed a suit to block any transaction.

In the suit, they said they expected a bid of $35 to $40 for their stock.

The board is now holding talks with Mr Murdock to see if he will offer a higher price for the shares.

Interestingly, analysts point out that the rejected offer values Dole at twice the level of Fyffes, on a prospective enterprise value/EBITDA basis, pointing up the relative value offered by the Irish company.