Deoleo Shares Were Trading 19.9% Lower at 9:25 a.m. ET Nov. 5

Deoleo, the world's largest olive oil company, accepted a proposed acquisition offer from Spanish producers Dcoop and Acesur, a transaction that would give each buyer a 50% stake.

The offer implies an enterprise value of $583.2 million. Dcoop said the plan aims to increase olive oil consumption worldwide and help farmers capture more value along the supply chain.

Deoleo shares were last trading 19.9% lower at 9:25 a.m. ET Nov. 5. They had risen more than 20% on Aug. 19, when news emerged of a takeover contest between Dcoop and multinational firms, including companies from Italy, France and Australia.

The stock was still up about 55% for the year through Nov. 5. Moderating olive oil prices had helped boost Deoleo's U.S. sales after supply swings drove sharp price volatility in recent years.

Spain is one of the world's leading olive oil producers, and its prices often serve as a global benchmark. Harvest shifts, climate change, water scarcity, pests and disease have contributed to swings in supply.