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Murdock sets new
condition for Castle offer

Star-Bulletin staff

David H. Murdock's tender offer for Castle & Cooke Inc. is now conditional on getting 75 percent of the shares he does not already own.

When he made his March 29 bid to buy the company, Murdock said the deal would not go through unless at least a simple majority of the outside shares were submitted.

Murdock, who is chairman of Castle & Cooke, owns 27 percent of its shares and is seeking the other 73 percent.

Castle & Cooke said yesterday that the increase in the minimum number of shares Murdock will accept, as well as the previously announced increase of his offer to $19.25 a share, were detailed in a new Securities & Exchange Commission filing that also reports a formal settlement of some shareholder lawsuits.

Murdock initially offered $17 a share but raised it to $18.50 on a recommendation by directors and raised it again to $19.25 to settle the lawsuits.

Shareholders have until the close of business in New York July 6 to agree to sell their stock.

Castle & Cooke shares rose 25 cents to close at $19.75 today on the New York Stock Exchange.