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CASTLE & COOKE, INC.
NEWS RELEASE
Contact: Dean R. Estrada
(310) 209-3804
CASTLE & COOKE, INC. AND FLEXI-VAN LEASING, INC. ANNOUNCE
SUCCESSFUL RESULTS OF TENDER OFFER AND ONE DAY EXTENSION
THROUGH FRIDAY, JULY 7
LOS ANGELES, California, July 7, 2000 -- Castle & Cooke, Inc. (NYSE: CCS)
and Flexi-Van Leasing, Inc. announced today that approximately 7.2 million
shares have been tendered in response to the tender offer made by Flexi-Van's
wholly-owned subsidiary, Castle Acquisition Company, Inc., for the shares of
Castle & Cooke, Inc., which Flexi-Van and its affiliates do not already own.
Following the acceptance of these shares, Castle Acquisition Company, Inc.
will own more than 68%, or approximately 11.7 million shares, of Castle &
Cooke, Inc.
Due to a system failure and communications and reporting problems
between the Depositary Trust Company and the Exchange Agent, it is possible
additional shares have been tendered. As a result, the offer has been
extended by one extra day to 12:00 p.m. Eastern Standard Time on July 7,
2000, so that the problem can be resolved and additional shares tendered.
In connection with the tender offer, the Circuit Court of the Second
Circuit, State of Hawaii, granted preliminary approval on July 5, 2000 to the
previously announced settlement of the purported class actions challenging
the tender offer.
Flexi-Van's Chairman David H. Murdock stated, "It is gratifying to see
that so many shareholders have tendered. We look forward to completing the
tender offer and merger and to working with the Castle & Cooke, Inc.
employees to continue to build the company as a private entity. We encourage
shareholders who have not tendered to do so on July 7, 2000."
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Castle & Cooke, Inc. is a developer of residential and commercial real
estate in Hawaii, California, North Carolina, 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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