For Thursday, September 26, 2013
POSTED: 01:30 a.m. HST, Sep 26, 2013
~~<p><strong>A&B shareholders OK purchase of contractor Grace Pacific</strong></p>
A&B shareholders OK purchase of contractor Grace Pacific
Shareholders of local real estate firm Alexander & Baldwin Inc. have overwhelmingly approved a management plan to buy Hawaii contractor Grace Pacific Corp. for $277 million. A&B reported that 98.7 percent of shareholders who voted at a meeting Tuesday approved the acquisition plan announced in June. Grace, which is privately owned, previously said its shareholders would approve the deal that calls for the state's largest asphalt paving contractor to become a subsidiary of A&B. The purchase is expected to be completed by the end of the year. A&B is financing the acquisition mainly by issuing $200 million worth of A&B stock to Grace shareholders. Another $35 million will be in cash. A&B also is assuming $42 million of Grace debt. Login for more...