airtran ups the offer for midwest

[FA Mikey]

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AirTran Holdings Inc. raised its bid for rival Midwest Air Group Inc. on Thursday by almost 18 percent to about $345 million after the regional airline rebuffed an earlier offer last month.

The new offer is equivalent to $13.25 per Midwest share, based on the closing price of AirTran common stock on Monday. The bid represents a premium of almost 3 percent over Midwest's closing share price of $12.90 on Wednesday.

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AirTran is now taking its bid directly to Midwest Air shareholders with an exchange offer, after failing to make headway with the company's board since initially proposing a deal in October.

"You gave us no choice, but to bring our offer directly to the owners of the company," AirTran Chief Executive Joseph Leonard said in a letter to Midwest Air's board.

 

[QA4Jet-A]

"You gave us no choice, but to bring our offer directly to the owners of the company," AirTran Chief Executive Joseph Leonard said in a letter to Midwest Air's board.
[/quote] Perhaps they will take FL seriously this time around... B)

 

[NewHampshire Black Bears]

Speaking personally for myself, I wish Air Tran GOOD LUCK, in their quest to "tie together Air Tran/Midwest Express, and Frontier.

It will make a respectable operation !!

Screw B6 !!!!!

NH/BB's

 

[FA Mikey]

AirTran Airways will do "whatever it takes" to complete a buyout of Midwest Airlines, a top executive said Friday, despite stiff resistance from the Milwaukee-based company.

"We can't be persuaded to end our bid," AirTran finance chief Stan Gadek said, adding the airline is considering an extension of the Feb. 8 deadline on its tender offer for Midwest stock.

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[QA4Jet-A]

AirTran Airways will do "whatever it takes" to complete a buyout of Midwest Airlines, a top executive said Friday, despite stiff resistance from the Milwaukee-based company.

"We can't be persuaded to end our bid," AirTran finance chief Stan Gadek said, adding the airline is considering an extension of the Feb. 8 deadline on its tender offer for Midwest stock.

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Do I hear a bid of $350 mil coming soon.... with free chocolate chip cookies?

 

[FA Mikey]

AirTran Holdings today extended by one month its offer of $345 million in cash and stock for Midwest Airlines' parent company.

Originally due to expire Feb. 8, Midwest Air Group Inc. shareholders now have until March 8 to consider the offer.

Orlando-based AirTran said that it decided to extend its offer so that Midwest's shareholders can receive all the information they need.

The Milwaukee-based company's board Thursday reaffirmed last month's recommendation that shareholders reject AirTran's offer, when Midwest called AirTran's offer "inadequate."

 

[delta777]

I think Airtran will have to do better than a 3 percent premium over the current stock price. :down:

 

[smmech]

I think Airtran will have to do better than a 3 percent premium over the current stock price. :down:

why?

 

[FA Mikey]

AirTran Holdings Inc. raised its hostile bid Monday for rival Midwest Air Group Inc. by almost 13 percent to $389 million in cash and stock.

The parent company of Midwest Airlines has rebuffed previous offers in AirTran's continued attempt to acquire the regional airline by saying that Midwest would be stronger remaining on its own.

AirTran owns the discount carrier AirTran Airways.

The newest bid by AirTran is valued at $15 per Midwest share, based on the closing price of AirTran common stock on Friday. The offer consists of $9 in cash and 0.5842 shares of AirTran common stock for each Midwest share.

That would be an 11 percent premium over Midwest Air's closing price of $13.51 on Friday on the American Stock Exchange.

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