Castle & Cooke, Inc. Cancels Annual Meeting of Shareholders.Business Editors LOS LOS Length of stay, see there ANGELES--(BUSINESS WIRE)--April 24, 2000 Castle & Cooke, Inc. (NYSE NYSE See: New York Stock Exchange :CCS (1) (Common Channel Signaling) A communications system in which one channel is used for signaling and different channels are used for voice/data transmission. Signaling System 7 (SS7) is a CCS system, also known as CCS7. See SS7. ) today announced that the Annual Meeting of its Shareholders scheduled for 10:00 a.m. on May 9, 2000, at Dole World Headquarters, One Dole Drive, Westlake Village, Calif., has been cancelled. Castle & Cooke, Inc. indicated that its Board of Directors intends to re-schedule the Annual Meeting after the Special Committee of its independent Directors has completed its work with respect to the previously announced Flexi-Van Leasing, Inc. proposal. Flexi-Van Leasing, Inc, a corporation wholly owned by 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. , has proposed to acquire the 73% of the common stock of Castle & Cooke, Inc. not currently owned by Flexi-Van Leasing, Inc. or its affiliates for $17 per share, all-cash. The per share consideration being offered places the total enterprise value, which includes the assumption of debt, of Castle & Cooke, Inc. at approximately $565 million. In addition, the proposal contemplates the negotiation and execution of a binding agreement, which would contain customary terms and conditions for transactions of this type. Flexi-Van Leasing, Inc. has reserved the right to terminate the proposal if a definitive agreement has not been executed by May 15, 2000. The Special Committee appointed to consider the proposal has engaged Gibson, Dunn & Crutcher, as legal advisor, and Bear Stearns The Bear Stearns Companies, Inc. (NYSE: BSC) is the parent company of Bear, Stearns & Co. Inc., one of the largest global investment banks and securities trading and brokerage firms in the world. & Co. Inc., as financial advisor. Castle & Cooke, Inc. is a developer of residential and commercial real estate in Hawaii, California, 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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