Chairman Paying $144 Million : Murdock Buying All of Flexi-Van

Flexi-Van Corp. agreed Wednesday to sell itself to its chairman and chief executive, Los Angeles financier David H. Murdock.

Murdock agreed to pay $38.50 a share--$144 million--for the New York-based company, which leases truck chassis used in the container shipping industry. He already owns 32% of Flexi-Van’s shares.

“I’m not surprised he’s buying Flexi-Van,” said Charles R. Bureker, an analyst with the San Francisco investment firm of Sutro & Co. Bureker said the leasing firm, with its strong cash flow, “is an attractive acquisition vehicle.”

Amy Quinn, a spokeswoman for Murdock, said he was traveling and could not be reached for comment.

In fiscal 1987, Flexi-Van earned $13 million, compared to $6.1 million a year earlier, because of increased strength in the container shipping business.

Wednesday’s sale marks another stage in Flexi-Van’s metamorphosis under Murdock’s control. After a board room showdown, Murdock acquired control of Flexi-Van in 1983. Two years later, he merged the company with Castle & Cooke, a major producer of bananas and pineapples with valuable Hawaiian real estate holdings, and became chairman and chief executive of the combined firm.

Then last October, Murdock took Flexi-Van public by selling its shares to Castle & Cooke’s shareholders for $22.25 each. At the time, a spokesman for Murdock said Castle & Cooke had recovered from financial troubles and no longer needed Flexi-Van’s support.

Bureker speculated Wednesday that Murdock took Flexi-Van public last fall to establish a market value for the company. That made it easier for him to set a purchase price for Flexi-Van, Bureker said.

Flexi-Van said the merger had been approved by a special committee of its independent directors. The committee was formed Feb. 15 to consider Murdock’s original $35-a-share offer.

Most analysts that follow Castle & Cooke said the first offer was too low.

Flexi-Van said its investment adviser, First Boston Corp., had called the higher offer fair. Murdock arranged financing for the acquisition through First National Bank of Boston and Continental Illinois Bank & Trust, Flexi-Van said.