Castle & Cooke Merges with Flexi-Van Corp in Response to Financial Problems

Castle & Cooke faces severe financial problems.

A merger with Flexi-Van Corporation, a transportation equipment leasing company, brings financial stability back to the Company, as well as a new chairman and chief executive officer, David H. Murdock.

Castle & Cooke Inc. said that its shareholders approved the company's merger with the Flexi-Van Corporation. More than 76 percent of the outstanding shares were voted in favor of the merger at a special shareholders' meeting in Honolulu, where the company is based. Flexi-Van shareholders meeting earlier in Los Angeles also approved the merger, which becomes effective Tuesday.