US offers to increase bid again

gaucho99

Senior
Dec 21, 2006
462
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From the Wall Street Journal.

http://online.wsj.com/article/SB1170...?mod=djemalert


Quote:
US Airways Group Inc. is willing to increase its hostile takeover offer for Delta Air Lines Inc. by $1 billion under certain conditions as part of a last-ditch effort to win support from Delta creditors, according to people familiar with the matter.

The Tempe, Ariz., carrier said over the weekend it would sweeten its $9.8 billion cash-and-stock bid to about $10.8 billion if the official committee of creditors approaches Delta with a demand that the Atlanta airline open itself to due diligence by US Airways, these people said. To get the additional $1 billion, all in cash, the committee also would have to ask a bankruptcy judge to postpone a hearing next week on Delta's restructuring plan, these people said. The group also would have to agree to support the start of a formal antitrust review.
Quote:
US Airways indicated that the $10.8 billion bid was final, said one person familiar with the matter. This person said the airline didn't consider the increased bid official since it hadn't yet sought director approval.
 
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