Atlantic Southeast Airlines Announces Agreement With Delta Air Lines for Acquisition of ASA Holdings.ATLANTA--(BUSINESS WIRE)--Feb. 16, 1999--ASA Holdings, Inc. (Nasdaq/NM: ASAI ASAI Advertising Standards Authority for Ireland ASAI American Society of Architectural Illustrators ASAI Adjunct Switch Application Interface ASAI Average Service Availability Index ASAI African Sky Art Institute ASAI Aortic Stenosis and Aortic Insufficiency ), parent company of Atlantic Southeast Airlines For the defunct low-fare airline, see . Atlantic Southeast Airlines (ASA) is a fully certificated American airline based in Atlanta, Georgia, USA flying to 144 destinations as a Delta Connection carrier. It is a wholly owned subsidiary of SkyWest, Inc. , Inc., today announced that it has signed a definitive agreement with Delta Air Lines which provides for Delta's acquisition of ASA Asa (ā`sə), in the Bible, king of Judah, son and successor of Abijah. He was a good king, zealous in his extirpation of idols. When Baasha of Israel took Ramah (a few miles N of Jerusalem), Asa bought the help of Benhadad of Damascus and Holdings for a total consideration of approximately $700 million. "This transaction will improve customer service and strengthen our network, which serves 55 destinations from hubs in Atlanta and Dallas/Ft. Worth," said George F. Pickett, Chairman of the Board and Chief Executive Officer of ASA Holdings, Inc. and Atlantic Southeast Airlines, Inc. Under the terms of the agreement, a newly formed Delta subsidiary will make a tender offer to purchase all outstanding shares of common stock of ASA Holdings for $34 per share in cash. ASA Holdings has outstanding 28.5 million shares of common stock; Delta beneficially owns 7,995,000, approximately 28 percent, of these shares. The tender offer will commence no later than Monday, February 22, 1999. The completion of the tender offer is conditioned upon the valid tendering of shares which, together with the shares Delta already owns, represents at least a majority of the outstanding shares on a fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. basis, the expiration EXPIRATION. Cessation; end. As, the expiration of, a lease, of a contract, or statute. 2. In general, the expiration of a contract puts an end to all the engagements of the parties, except to those which arise from the non- fulfillment of obligations created or earlier termination of the waiting period of the Hart-Scott-Rodino Act Hart-Scott-Rodino Act Often used in risk arbitrage. Antitrust act administered by U.S. Department of Justice and the FTC that requires an investor to file a form with the government before he acquires an economic interest in the lesser amount of $15 million or 15% of the , and other customary conditions. "ASA Holdings Board of Directors fully supports this agreement, which serves the best interest of our shareholders. The Board has recommended that its stockholders tender their shares pursuant to the offer. This transaction is a good alternative for our shareholders given all the facts and circumstances taken into consideration by the Board. The agreement also serves the best interest of our customers, employees and the communities we serve. It will enhance ASA's long-term growth potential by aligning ASA with Delta's global network, operational and business skills and financial strength," Pickett said. ASA Holdings, Inc. operates Atlantic Southeast Airlines, Inc., Atlanta's largest regional air carrier with service to 37 markets and offers service to 21 airports from its second hub at Dallas/Fort Worth, Texas. ASA, which was founded in 1979, has operated as a "Delta Connection" carrier since 1984. It has a fleet of 88 aircraft and 2,673 employees based in 40 cities across its route system. ASA's stock is traded on the Nasdaq Stock Markets Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. National Market under the symbol ASAI. |
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