Murdock Wraps Up Deal for Castle & Cooke
Developer David Murdock over the weekend succeeded in collecting enough shares of Castle & Cooke Inc. to acquire the Los Angeles-based real estate company for $615 million.
Holders of 10.7 million Castle & Cooke shares agreed to Murdock’s $19.25-a-share offer, giving him 89% control of the company, whose primary holding is the Hawaiian island of Lanai.
Murdock, who also serves as chairman of Castle & Cooke, had sought to buy the company and take it private through his Flexi-Van Leasing Inc. since March 29, when he offered $17 a share.
His offer faced wide criticism by shareholders as being too little, and he was forced to raise the price twice to keep negotiations moving forward.
Under the deal, Murdock will also assume $273 million in Castle & Cooke debt.
On Friday, Castle & Cooke shares closed at $19.25, up 13 cents, on the NYSE.
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