Company Watch - AirTran Airways.Aug 20, 2007 AirTran Airways AirTran Airways is a low-cost airline that is a Delaware corporation with headquarters in Orlando, Florida, USA and is a subsidiary of AirTran Holdings. AirTran operates over 750 daily flights throughout the eastern USA and the Midwest, including over 270 daily departures from said it ended its takeover bid Noun 1. takeover bid - an offer to buy shares in order to take over the company two-tier bid - a takeover bid where the acquirer offers to pay more for the shares needed to gain control than for the remaining shares for Midwest Air, after Midwest accepted a higher cash offer from private equity firm TPG TPG Texas Pacific Group TPG Tapping TPG Transports Publics Genevois (Geneva, Switzerland public transportation) TPG Test Pattern Generator TPG TNT Post Group TPG Trésorier Payeur Général Capital. AirTran on Thursday raised its cash-and-stock offer for Midwest by 2 cents to USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. $16.27, which compared with a USD$17 per share cash offer, raised on Thursday by USD$1 per share, from TPG Capital. TPG Capital's offer includes a minority, passive investment by Northwest Airlines, and is not subject to any debt financing Debt Financing When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay . Aug 17, 2007 AirTran Airways said it had hoped to acquire Midwest because the merger of the two airlines would have created a national low-cost carrier A low-cost carrier or low-cost airline (also known as a no-frills or discount carrier / airline) is an airline that offers generally low fares in exchange for eliminating many traditional passenger services. . However, it said it did not need to merge with any other carrier to achieve its business goals, which include adding new markets and continued offering of low fares. Aug 17, 2007 AirTran Airways this week launched the following service to/from Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. : Four-times-weekly Bloomington/Normal, thrice-weekly Akron/Canton, four-times-weekly Flint, thrice-weekly Rochester, thrice-weekly Moline/Quad Cities and thrice-weekly Dayton. Aug 16, 2007 AirTran Ends Bidding For Midwest Air. Low-cost carrier AirTran on Friday said it ended its takeover bid for Midwest Air, after Midwest accepted a higher cash offer from private equity firm TPG Capital. Aug 16, 2007 AirTran Holdings AirTran Holdings (NYSE: AAI) is a Nevada corporation that operates as an airline holding company. Its primary asset is AirTran Airways. History After the large amount of negative publicity surrounding the Flight 592 incident, ValuJet Airlines suffered serious on Tuesday raised its offer to buy Midwest Air Group Midwest Air Group, Inc. AMEX: MEH is an airline holding company based in Oak Creek, Wisconsin now controlled by parent company, TPG Capital Texas Pacific Group. Northwest Airlines Inc,. by 3 percent to about USD$445 million in a last-ditch bid to win control of the rival airline after a major Midwest shareholder objected to a proposed buyout led by private equity firm TPG Capital. Aug 15, 2007 AirTran Airways parent AirTran Holdings said an error related to passenger revenue accounting required a restatement of its first-quarter earnings. Net profit for the three months ended March 31 was reduced to $2.2 million from the $2.4 million it reported in April , compared to an $8.9 million loss in the year-ago quarter. First-quarter operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. was $12.9 million rather than the originally stated $13.4 million. Aug 14, 2007 AirTran Airways President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. Robert Fornaro says the company will proceed with its plans for a slow expansion, focusing its efforts on a more diverse set of routes, but hasn't ruled out a later run at Midwest, suggesting federal regulators might not approve its sale to a private-investor group. "You'll see it in Florida, in the mid-Atlantic and the upper Midwest," he said. Aug 14, 2007 AirTran had hoped to combine Midwest's presence in the central United States The Central United States is sometimes conceived as between the Eastern United States and Western United States as part of a three-region model, roughly coincident with the Midwestern United States plus the western and central portions of the Southern United States; the term is with its strength on the East Coast. AirTran said that TPG's offer, given the passive investment from Northwest, could raise antitrust concerns, which could make it more difficult for the transaction to win regulatory approval. TPG, in its letter to Midwest, said it did not anticipate any issues in obtaining antitrust clearance or other regulatory approvals. Aug 13, 2007 Midwest denies AirTran's antitrust claim; stakeholder has concerns. Spurned spurn v. spurned, spurn·ing, spurns v.tr. 1. To reject disdainfully or contemptuously; scorn. See Synonyms at refuse1. 2. To kick at or tread on disdainfully. v. suitor SUITOR. One who is a party to a suit or action in court. One who is a party to an action. In its ancient sense, suitor meant one Who was bound to attend the county court, also, one who formed part of the secta. (q.v.) AirTran has said Midwest Airlines' planned deal with TPG Capital and Northwest Airlines won't pass muster with regulators because of antitrust issues. Midwest counters that there is no conflict, because the smaller carrier competes directly with Northwest on only one route. Meanwhile, Pequot Capital Management, which holds an 8.8% stake in Midwest, said it has "significant concerns" regarding the company's decision to pursue the proposal led by private equity firm TPG Capital. Aug 15, 2007 AirTran Holdings on Tuesday raised its offer to buy Midwest Air Group by 3 percent to about USD$445 million in a last-ditch bid to win control of the rival airline after a major Midwest shareholder objected to a proposed buyout led by private equity firm TPG Capital. The increase to USD$16.25 per share from USD$15.75 marked the fourth time AirTran has raised its offer in its eight-month pursuit for Midwest in the face of strong resistance from Midwest's management. Aug 15, 2007 AirTran President and Chief Operating Officer Robert Fornaro says the company will proceed with its plans for a slow expansion, focusing its efforts on a more diverse set of routes, but hasn't ruled out a later run at Midwest, suggesting federal regulators might not approve its sale to a private-investor group. "You'll see it in Florida, in the mid-Atlantic and the upper Midwest," he said. Aug 15, 2007 Midwest Air Group, which has rejected previous offers from AirTran, said in a statement it would take the revised offer under consideration. The AirTran bid tops a USD$16 per share bid from TPG. AirTran said it raised its offer at the request of Midwest shareholders. Aug 15, 2007 Editorial eMail: edit@AirGuideOnline.com For Air Transport & Travel Business Experts contact our Director of Content Aram Gesar eMail: bizintel@AirGuideOnline.com For more global news, reviews, features and analysis, please subscribe to our Newsletters: http://www.airguideonline.com/order_formsubs.htm#news To Advertise: advert@AirGuideOnline.com AirGuideFlightTracker is a new service that keeps travelers informed on flight and airport status via the Web. For more go to http://www.airguideonline.com/airline_tracker.htm Copyright [c] 2007 Pyramid Media Group / Air Travel Media. All rights reserved. |
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