Case-Maui
deal assured

Star-Bulletin staff

Next month's special stockholders' meeting of Maui Land & Pineapple Co. to vote on America Online Inc. Chairman Steve Case's acquisition of 41.2 percent of the company's stock is a formality because more than enough approval votes are already guaranteed.

A company statement filed at the Securities & Exchange Commission says that the sellers (several estates left by the late Honolulu financier Harry Weinberg), the company, and the other major shareholder, the Cameron family group, all approve of the sale to Case, so a 58 percent vote for the transaction is assured. Under state law, Case needs only a majority.

The proxy statement for the Aug. 23 meeting says that Case, who will pay just over $39.2 million at $13.25 a share for nearly 3 million MLP shares, will have no role in the company other than representation on its board.

Two directors representing the Weinberg interests, Samuel K. Himmelrich Sr. and Morton B. Plant, will resign and be replaced by Case's appointees.