AirTran stockholders approve Southwest merger
Shareholders in AirTran Airways have voted in favour of a merger with Southwest Airlines in a deal worth $1.4 billion.
More than 98 per cent of the votes cast and 77.5 percent of shares outstanding voted in favour of the transaction.
“We are grateful for our stockholders’ strong vote of confidence in this merger,” said Bob Fornaro, AirTran’s chairman, president and chief executive officer.
“In approving the transaction, our stockholders recognized the value of bringing together AirTran and Southwest to create a platform for increased profitability and sustainable long-term value.”
AirTran and Southwest announced the proposed merger on September 27th, 2010.
The companies are awaiting clearance on the proposed merger from the United States Department of Justice.
The merger is currently expected to close by during the second quarter of 2011.