Company Watch - AirTran Airways.
AirTran Holdings extended the deadline on its offer to Midwest Air Group shareholders in hopes the two sides will reach a deal. The $345 million stock and cash exchange offer was due to expire yesterday but was pushed back to April 11. Meanwhile, AirTran continues its campaign to win over Midwest shareholders and has nominated three candidates for Midwest's board, none of whom are connected to either airline but who have experience in "corporate business issues," Senior VP, General Counsel and Secretary Richard Magurno said. "I think we will have a good chance of ousting the elected board," he said. Midwest has not set a date for the next board meeting. Thus far, 1.7 million of Midwest's 24.1 million outstanding shares have been tendered, Magurno said, adding, "I think Midwest was surprised about the number of shares that have been tendered." Mar 9, 2007
AirTran offer gets weak response from Midwest shareholders Midwest Air Group shareholders have tendered just 7.3% of the airline's shares to AirTran Airways, based on 24.4 million shares outstanding, a Midwest executive said Thursday. Shareholders were initially thought to have tendered 9.6% of shares, based on outstanding shares of 18.6 million. Midwest executives have urged shareholders to reject AirTran's offer to buy the company. Milwaukee Journal Sentinel. Mar 9, 2007
AirTran extends deadline for Midwest buyout offer AirTran Airways has pushed back the deadline for its offer to purchase Midwest Airlines until April 11. AirTran said it postponed the deadline to make sure all Midwest shareholders have time to make an informed decision. The board of Midwest has called AirTran's offer inadequate and has urged shareholders to reject it. Mar 8, 2007
AirTran Extends Midwest Takeover Deadline AirTran Holdings, the parent of AirTran Airways, on Wednesday extended the deadline for a second time for shareholders of Midwest Air Group to accept its hostile takeover bid. Mar 8, 2007
AirTran also submitted preliminary proxy materials to the US Securities and Exchange Commission nominating three directors to the Midwest board and urging Midwest hold a shareholder meeting to elect them. Milwaukee-based Midwest has resisted the proposal and on Wednesday had a powerful hometown politician come to its aid in Congress. Mar 8, 2007
Last month, the Justice Department closed its mandatory review of the AirTran Airways-Midwest takeover bid's potential impact on competition without challenging it. But Kohl said the review was cursory and raised questions about service quality if the deal went through. Mar 8, 2007
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Mar 5, 2007
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