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ABX Air rejects proposal from ASTAR Air Cargo.


The board of directors of ABX Air Inc (NASDAQ: ABXA) has reviewed ASTAR Air Cargo Holdings LLC's unsolicited indication of interest to acquire the company and has unanimously rejected the proposal.

The board reportedly decided that the proposal is not in the best interest of ABX Air stockholders. James H. Carey, the chairman of the board of directors, said that the decision was supported by advice from financial and legal advisors.

The board concluded that its business plan is likely to deliver more value over time to stockholders than the ASTAR indication of interest.

Goldman, Sachs & Co is acting as financial advisor while Sullivan & Cromwell LLP is serving as legal counsel.

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Comment:ABX Air rejects proposal from ASTAR Air Cargo.
Publication:Airline Industry Information
Article Type:Brief article
Geographic Code:1USA
Date:Jul 25, 2007
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