Castle & Cooke, Inc. Announces That Third Party, After Extensive Review, Determines Offer at Increased Price is Not Justified; Flexi-Van Offer Expires Thursday, July 6.Business Editors LOS LOS Length of stay, see there ANGELES--(BUSINESS WIRE)--July 4, 2000 Castle & Cooke, Inc. announced today that a significant real estate group which had requested and received information for the purpose of considering an offer to acquire the Company at a price in excess of the $19.25 per share offered by Flexi-Van Leasing, Inc. has declined to make a proposal. The third party, which has requested its name remain confidential, conducted an extensive review of Castle & Cooke's business and financial prospects with the assistance of its financial advisors and attorneys and with the cooperation of Castle & Cooke and its special committee of independent directors. After its review, the real estate company advised Castle & Cooke that it saw no justification for an offer at a higher price than the $19.25 currently being offered by Flexi-Van. Castle & Cooke chairman David H. Murdock David Howard Murdock (1924-), with his net worth of 4.2 billion US Dollars, is the 204th richest person in the world. A high-school dropout, Murdock was drafted by the U.S. Army in 1943. stated: "I am pleased that this extensive review by a large sophisticated real estate company with the financial ability to make a proposal further confirms that my offer price is fair in view of the Company's business and prospects. I look forward to completing the tender offer and encourage those shareholders who have been hesitating hes·i·tate intr.v. hes·i·tat·ed, hes·i·tat·ing, hes·i·tates 1. a. To be slow to act, speak, or decide. b. To pause in uncertainty; waver. 2. To be reluctant. 3. because of rumors For other uses, see Rumor (disambiguation). Rumors is a farcical play by Neil Simon. At its start, several affluent couples gather in the posh suburban residence of a couple for a dinner party celebrating their tenth anniversary. of a possible competing bid to tender their shares before the expiration EXPIRATION. Cessation; end. As, the expiration of, a lease, of a contract, or statute. 2. In general, the expiration of a contract puts an end to all the engagements of the parties, except to those which arise from the non- fulfillment of obligations created of the tender offer on Thursday, July 6, 2000." The offer by a subsidiary of Flexi-Van Leasing, Inc. to acquire the shares of Castle & Cooke, Inc. which Flexi-Van does not already own at a price of $19.25 per share was previously approved by the unanimous vote of a special committee of independent directors, following the advice of the committee's financial advisor. A settlement of certain litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. challenging the offer is being submitted for court approval on July 5, 2000. In addition to other conditions, the offer is subject to more than 75% of the shares not already owned by Flexi-Van and its affiliates being validly tendered and not withdrawn. Castle's announcement is in response to an inquiry from a third party which had been requesting information for the purpose of considering a proposal to acquire the Company. A Castle & Cooke spokesman confirmed that the Company had cooperated fully with the request for information after the third party had executed a confidentiality agreement. Castle & Cooke, Inc. is a developer of residential and commercial real estate in Hawaii, California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). , North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. , Arizona, Georgia and Florida. The company also owns and operates two of the world's highest-rated resorts on the island of Lana'i in Hawaii. |
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