MESA AIRLINES ANNOUNCES OFFER FOR WESTAIR
MESA AIRLINES ANNOUNCES OFFER FOR WESTAIR FARMINGTON, N.M., Nov. 7 /PRNewswire/ -- Mesa Airlines Inc.
(NASDAQ: MESA) announced today that it had proposed to the Board of Directors of WestAir Holdings Inc. that WestAir be merged into Mesa as a wholly owned subsidiary. Mesa proposes exchanging 0.235 shares of Mesa stock for each share of WestAir to effect the merger.
The share exchange ratio would be adjusted under the proposal based on the profits or losses incurred by WestAir for any quarter completed prior to the date of the closing. The price of $17.00 per share of Mesa would be the base for any adjustments. The company in its proposal cited as an example that if WestAir had a profit of $0.17 per share, the ratio would be adjusted to pay WestAir 0.245 shares of Mesa stock per share of WestAir. The proposal is also subject to several contingencies such as the reaching of a mutually satisfactory merger agreement; the approval of certain third parties; due diligence; the reaching of an agreement with United Airlines, which is a code-sharing partner to WestAir; the approval of the respective boards of directors; and the approval of the shareholders of the companies, if required. -0- 11/7/91 /CONTACT: Gary Risley or Jonathan Ornstein of Mesa Airlines, 505-327-0271/ (MESA) CO: Mesa Airlines Inc.; WestAir Holdings Inc. ST: New Mexico IN: AIR SU: TNM SG -- DV009 -- 2381 11/07/91 16:31 EST
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|Date:||Nov 7, 1991|
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