Advertisement

BRIEFLY

February 17, 1988

Flexi-Van Corp., which leases chassis used in container shipping, said it has received a $130-million offer from its biggest shareholder to take it private. The offer by David H. Murdock, a real estate developer and chairman of Castle & Cooke, comes just four months after Flexi-Van was spun off by Castle & Cooke to its shareholders. Subsequently, Flexi-Van repurchased about 2 million of its shares because their prices were depressed in the wake of the stock market crash. Murdock owns 32% of the 5.45 million shares remaining. Under his offer to Flexi-Van's board, Murdock would pay $35 per share in cash for the 3.72 million shares he doesn't already own. The firm's stock jumped $5.25 per share to $35.75 after announcement of the offer.

Advertisement
Los Angeles Times Articles
|
|
|