AirTran announces expiry of Midwest tender offer.
AirTran Holdings Inc (NYSE:AAI), an airline and the parent of AirTran Airways, has announced that its negotiations with Midwest Air Group Inc (Amex:MEH) have ended and that AirTran's tender offer to purchase Midwest shares has expired.
AirTran Airways said it was disappointed that its improved offer had been rejected by the Midwest board and confirmed its belief that an AirTran/Midwest merger would have offered a strategic combination with economic benefits, similar fleets, complementary route networks, growth and opportunities for advancement.
According to AirTran, it has terminated negotiations with Midwest and allowed its tender offer to expire, for the good of its shareholders and crew members.
AirTran had proposed, under the terms of its enhanced offer, to acquire all Midwest common stock for USD15.75 a share, based on the closing price of AirTran common stock on 10 August 2007. The offer reportedly consisted of USD9.50 in cash and 0.5842 shares of AirTran common stock for each Midwest share, with a total transaction equity value in excess of USD431m.
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|Title Annotation:||AirTran Holdings Inc; Midwest Air Group Inc.|
|Publication:||Airline Industry Information|
|Article Type:||Brief article|
|Date:||Aug 13, 2007|
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