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The Honolulu Advertiser
Posted on: Thursday, March 27, 2003

Dole poised to go private

Advertiser Staff and News Services

Dole Food Co. said yesterday that its shareholders approved a $1.43 billion deal by the company's chief executive that would take the fruit grower private.

The deal would make self-made billionaire David Murdock, Dole's chief executive, one of Hawai'i's biggest private landowners with more than 123,000 acres in the Islands, including most of Lana'i.

Murdock announced plans to take Dole private in late December, arguing that such a move would allow for better long-term management of the company. Under terms of the deal, Murdock will acquire about 76 percent of the Westlake, Calif.-based company's stock for $33.50 in cash.

Hawaiian seeks SEC extension

Hawaiian Holdings Inc., parent company of Hawaiian Airlines, said yesterday it will seek an 15-day extension of the March 31 deadline for filing its annual report with the Securities and Exchange Commission.

Trading of Hawaiian shares on the American Stock Exchange, which was halted when the company filed for Chapter 11 bankruptcy protection Friday, will resume only after exchange officials review the annual report, Hawaiian said.

If the AMEX decides to delist Hawaiian, the company said it expects its stock to trade on the OTC, or over-the-counter, Bulletin Board.