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[LETTERHEAD]
NEWS RELEASE
Contact: Dean R. Estrada
(310) 209-3804
CASTLE & COOKE, INC. ANNOUNCES COMPLETION OF MERGER
LOS ANGELES, California, September 6, 2000 - Castle & Cooke, Inc.
(NYSE: CCS) announced today that a special meeting of its shareholders was held
earlier today. At the meeting, 95.6% of Castle & Cooke, Inc.'s outstanding
common shares were voted for the approval and adoption of the Agreement and Plan
of Merger dated May 19, 2000, as amended, which provides for the merger of
Castle Acquisition Company, Inc into Castle & Cooke, Inc. Castle Acquisition
Company, Inc. is an indirect wholly owned subsidiary of Flexi-Van Leasing, Inc.,
a corporation 100% owned by David H. Murdock. Articles of Merger were filed with
the State of Hawaii shortly after the meeting.
As a result of this favorable vote, (1) David H. Murdock and his
affiliates now own all of the outstanding shares of Castle & Cooke, Inc., and
(2) all shares (other than shares owned by David H. Murdock and his affiliates
or shares held by shareholders, if any, of Castle & Cooke, Inc. who are entitled
to and who properly exercise dissenters rights) will be converted into the right
to receive $19.25 per share in cash, without interest. Fewer than 79,225 shares
were voted against the merger.
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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