Alexander & Baldwin, Inc. Shareholders Approve Merger with Tropic Purchaser LLC

Honolulu, HI – March 9, 2026: Alexander & Baldwin, Inc. (“the Company” or “ALEX”) has announced the results of a special meeting of shareholders, a significant event that marks a pivotal moment in the Company’s history. The special meeting was convened to consider the approval of the Agreement and Plan of Merger (the “Merger Agreement”) by and among Alexander & Baldwin, Inc., Tropic Purchaser LLC (a Delaware limited liability company referred to as “Parent”), and Tropic Merger Sub, LLC, as previously announced on December 8, 2025.

Key Points for Investors

• Shareholder Approval of Merger: At the Special Meeting held on March 9, 2026, shareholders were asked to vote on three critical proposals:
  1. Approval of the Merger Agreement – This proposal involved the approval of the Merger Agreement between the Company and Tropic Purchaser LLC, a transaction that, if completed, will result in Alexander & Baldwin becoming a wholly-owned subsidiary of the Parent.
  2. Advisory Vote on Merger-Related Executive Compensation – Shareholders voted on a non-binding, advisory proposal regarding the compensation that may be paid or become payable to the Company’s named executive officers in relation to the merger.
  3. Adjournment Proposal – This sought approval to adjourn the Special Meeting if necessary to solicit additional proxies in the event there were insufficient votes to approve the Merger Agreement.
• Merger Completion Timeline: Subject to the satisfaction or waiver of all closing conditions outlined in the Merger Agreement, the Company expects the merger to be finalized on or about March 12, 2026.
• No Other Business or Broker Non-Votes: No other business was brought before the Special Meeting, and as none of the proposals were considered “routine” matters, there were no broker non-votes.

Potential Price-Sensitive Information

• Change of Control: Upon completion, Alexander & Baldwin, Inc. will cease to be a publicly traded company and will become a wholly-owned subsidiary of Tropic Purchaser LLC. This is a significant change in corporate structure and may have material implications for the share value, trading liquidity, and future governance of the Company.
• Executive Compensation: The advisory vote on executive compensation related to the merger may be of particular interest to shareholders concerned about management incentives and payout terms under the merger.
• Shareholder Value Realization: Details regarding the consideration for shareholders (such as any cash-out price or share conversion terms) are not included in this specific filing, but the approval of the merger typically results in shareholders receiving a set value for their shares, which may be above, at, or below recent market prices, depending on the deal terms.

Additional Shareholder Information

• Trading Information: The Company’s common stock is currently listed on the New York Stock Exchange under the ticker symbol “ALEX.” Following the merger, this listing is expected to be terminated.
• Emerging Growth Company Status: Alexander & Baldwin, Inc. confirmed it is not classified as an “emerging growth company” under current SEC rules, which may affect certain disclosure and compliance obligations.

Forward-Looking Statements and Risk Factors

This communication includes forward-looking statements regarding the timing and likelihood of the merger, the realization of anticipated benefits, and other matters. Investors should be aware that a number of risks and uncertainties could cause actual results to differ materially, including but not limited to the satisfaction of closing conditions, regulatory approvals, potential litigation, and market conditions. Shareholders are encouraged to review the Company’s previous SEC filings, including the most recent Form 10-K and the Definitive Proxy Statement, for a full list of risk factors.

Disclaimer: This article is intended for informational purposes only and does not constitute investment advice or an offer to purchase or sell any securities. Investors should perform their own due diligence and consult with financial advisors before making investment decisions. Forward-looking statements are subject to change, and actual results may differ materially from those projected. Alexander & Baldwin, Inc. is under no obligation to update or revise any statements herein except as required by law.

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