AirTran: Midwest Is Blocking Access To Shareholder List | Aero-News Network
Aero-News Network
RSS icon RSS feed
podcast icon MP3 podcast
Subscribe Aero-News e-mail Newsletter Subscribe

** Airborne 11.26.14 ** HD iPad-Friendly -- Airborne 11.26.14 **
** Airborne 11.24.14 ** HD iPad-Friendly -- Airborne 11.24.14 **
** Airborne 11.21.14 ** HD iPad-Friendly -- Airborne 11.21.14 **

Thu, Jan 25, 2007

AirTran: Midwest Is Blocking Access To Shareholder List

Hungry Airline Asks NY Supreme Court For Help

AirTran Airways says Midwest Airlines is interfering with an effort to take its merger message to Midwest's shareholders by not releasing a shareholder list -- something that's required by a New York state law. As ANN reported, AirTran wanted to float its latest, upped merger bid directly to Midwest shareholders after a first offer was flatly refused by Midwest's board.

Now, AirTran has asked New York's highest court to intervene. AirTran wants Midwest to show cause why it isn't complying with New York law. The Court has set a hearing on the action for January 30, 2007, at 11:00 AM.

In a release, AirTran says this latest from Midwest, "...is consistent with a pattern of intransigence in which the Midwest management and board has failed to provide transparency about the benefits of the merger to its shareholders, employees and the communities it serves since AirTran first presented its offer to Midwest on October 20, 2006." AirTran say Midwest management refuses to meet with AirTran to explore its merger offer.

According to AirTran's statement, a well-respected airline financial analyst from Calyon Securities commented, "We believe Midwest faces an uncertain future as a stand-alone carrier" noting its years of losses and its limited ability to modernize and expand and the serious threat posed by an "invigorated Northwest Airlines" refocusing its attention on Milwaukee.

AirTran said, "As owners of the airline, Midwest shareholders have a right to full and complete information about AirTran's $13.25 exchange offer, which [is 61 percent over Midwest's thirty day average closing price as of AirTran's original offer, and 46 percent over closing prices as of AirTran's second, increased offer]."

On January 11, AirTran upped its original buy out offer of $290 million to $345 million. Midwest's board says it's determined to remain a stand alone company with plans for expansion in 2007.

FMI: www.airtran.com, www.midwestairlines.com

Advertisement

More News

Aero-TV: Potential Energy -- Aero Electric Aircraft Corporation

The Future Of Aviation Could Prove To Be Uniquely Powerful Learning to fly can be an “electrifying” experience, and ANN CEO and Editor-In-Chief, Jim Campbell, gives us >[...]

Airborne 11.26.14: Island Air Scrooges Pilots, DC's NextGen, EAA On Stadium Flts

Also: F35C Pilots Build Time, A Sea Of Yellow Cubs, Lycoming's Dual Fuel Husky, CAP's Gold Medal, Boeing SC's First 787-9 This report could be called the story of the Grinch who st>[...]

AeroSports Update: What Is An LSA, And How Do I Know?

The Term Light Sport Aircraft (LSA) Is A Description Of An Aircraft, Not A Specific Type Of Aircraft Airworthiness Certification Anyone that holds a sport pilot certificate, or any>[...]

Airborne 11.26.14: Island Air Scrooges Pilots, DC's NextGen, EAA On Stadium Flts

Also: F35C Pilots Build Time, A Sea Of Yellow Cubs, Lycoming's Dual Fuel Husky, CAP's Gold Medal, Boeing SC's First 787-9 This report could be called the story of the Grinch who st>[...]

ANN's Daily Aero-Linx (11.28.14)

NEXRAD Radar Updated, accurate weather information is among the most critical data we need for safe flight, particularly on long cross-countries.>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2014 Web Development & Design by Pauli Systems, LC