AirTran extends Midwest tender offer |
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Thu, 01 Feb 2007 15:16
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ORLANDO, Fla. (AFX) - Discount air carrier AirTran Holdings Inc. on Thursday said it plans to nominate three directors to the board of takeover target Midwest Air Group Inc., and has extended its cash-and-stock bid for the airline.AirTran has offered to buy Milwaukee-based Midwest for $13.25 a share, or $345 million, but Midwest has so far rejected AirTran's overtures.The deadline for the bid, originally due to expire Feb. 8, has been extended until March 8. As of Wednesday, about 39,000 shares of Midwest common stock had been tendered under the offer.The tendered shares amount to less than 1 percent of Midwest's 18.6 million shares outstanding, according to the most recent quarterly report filed with the Securities and Exchange Commission.Shares of Midwest Air closed at $13.35 on the American Stock Exchange Wednesday, while AirTran finished at $11.07 on the New York Stock Exchange.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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AirTran courts Midwest shareholders 