Midwest agrees to TPG takeover

14th Aug 2007

The Board of Directors of Midwest Air Group has unanimously determined to pursue an all-cash offer from TPG to acquire all of the outstanding shares of Midwest for $16.00 per share.The board took its action after receiving a letter from AirTran Holdings in which AirTran stated it was making its best and final offer to acquire all of the outstanding shares of Midwest pursuant to a one-step merger for consideration consisting of cash and stock at $15.75 per share, valued at Friday’s closing price of AirTran’s common stock. In reaching that determination, the board concluded that the TPG offer presented greater value and certainty for Midwest shareholders than the AirTran offer.

Under the terms of the offer from TPG, the private equity investor indicated that its acquisition “would permit the Company to continue its rich legacy as a leading provider of customer oriented quality air service.”

Midwest and TPG expect to execute a definitive merger agreement no later than August 15, 2007.


Recommended for you

Follow Breaking Travel News

Travel Events Calendar

Media Partnerships

Global Restaurant Investment ForumThe Hospitality & Tourism SummitCATHIC
ITB AsiaChina Outbound Travel & Tourism MarketThe Travel Marketing Store
Serviced Apartment SummitWorld Travel MarketIMEX
AHICWTTCRoutes Online
UBM Aviation