Search
 

Gates' Other Firm Buys Cooke & Castle to Help Its Chairman

Cascade Investment is eyeing a $615-million buy.

By Brian K. Miller | Updated on July 28, 2000

SEATTLE—Microsoft founder Bill Gates’ personal investment firm is cooperating with a plan by David Murdock to buy Castle & Cooke, the Los Angeles-based real estate firm of which Murdock is chairman. Gates’ Cascade Investment, after revealing Monday that it holds a 6.3% stake in Castle & Cooke, promptly tendered its shares in support of Murdock’s proposal to buy the firm in a deal valued at $615 million.

Flexi-Van Leasing Inc., the private firm through which Murdock is mounting his buyout offer, previously announced that holders of 7.1 million Castle & Cooke shares have agreed to Murdock’s offer. The roughly 1.07 million shares controlled by Cascade are part of the 7.1 million, according to Castle & Cooke.

Murdock must collect 2.3 million more shares to reach his goal of controlling 75% of the Castle & Cooke shares that he doesn’t already own. Shareholders have until Friday to tender their shares, but some oppose the bid, saying Murdock has offered too little for the company’s real estate. Several holders of large blocks of Castle & Cooke stock have said they plan to keep their shares and use Hawaiian securities law to force a court-supervised appraisal of the firm, which could force Murdock to pay them a higher price.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.