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YX And FL Square Off At Annual Meetings  
User currently offlineSkyexRamper From , joined Dec 1969, posts, RR:
Posted (7 years 4 months 3 weeks 4 days ago) and read 2287 times:

I find this very funny that both Air Tran and Midwest will have their annual shareholder's meeting on the same day of May 23rd!


MILWAUKEE, March 30 /PRNewswire-FirstCall/ -- The Board of Directors of Midwest Air Group, Inc. (Amex: MEH), parent company of Midwest Airlines, today announced that the company has set May 23, 2007 as the date of its Annual Meeting of Shareholders.
http://phx.corporate-ir.net/phoenix....l-newsArticle&ID=980331&highlight=

ORLANDO, Fla., April 6, 2007 /PRNewswire-FirstCall via COMTEX News Network/ -- AirTran Airways, a subsidiary of AirTran Holdings, Inc. (NYSE: AAI), today announced the airline will host its annual shareholders meeting on May 23, 2007, at the Williamsburg Inn in Williamsburg, Va.
http://pressroom.airtran.com/phoenix...l-newsArticle&ID=982528&highlight=


Oh yeah...and the meetings will be starting at the exact same time too!!!

10am CST for Midwest and 11am EST for Air Tran!

12 replies: All unread, jump to last
 
User currently offlineAirTran737 From United States of America, joined Apr 2004, 3704 posts, RR: 12
Reply 1, posted (7 years 4 months 3 weeks 4 days ago) and read 2281 times:
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Quoting SkyexRamper (Thread starter):
find this very funny that both Air Tran and Midwest will have their annual shareholder's meeting on the same day of May 23rd!


MILWAUKEE, March 30 /PRNewswire-FirstCall/ -- The Board of Directors of Midwest Air Group, Inc. (Amex: MEH), parent company of Midwest Airlines, today announced that the company has set May 23, 2007 as the date of its Annual Meeting of Shareholders.
http://phx.corporate-ir.net/phoenix....l-newsArticle&ID=980331&highlight=

ORLANDO, Fla., April 6, 2007 /PRNewswire-FirstCall via COMTEX News Network/ -- AirTran Airways, a subsidiary of AirTran Holdings, Inc. (NYSE: AAI), today announced the airline will host its annual shareholders meeting on May 23, 2007, at the Williamsburg Inn in Williamsburg, Va.
http://pressroom.airtran.com/phoenix...l-newsArticle&ID=982528&highlight=


Oh yeah...and the meetings will be starting at the exact same time too!!!

10am CST for Midwest and 11am EST for Air Tran!

To be honest I thought that it was kind of stupid. Joe should have scheduled the FL meeting for a different day that way he could have attened the YX meeting in person.



Nice Trip Report!!! Great Pics, thanks for posting!!!! B747Forever
User currently offlineSkyexRamper From , joined Dec 1969, posts, RR:
Reply 2, posted (7 years 4 months 3 weeks 4 days ago) and read 2253 times:

Quoting AirTran737 (Reply 1):
Joe should have scheduled the FL meeting for a different day that way he could have attened the YX meeting in person.

AHHAHHA...who says he won't!


User currently offlineMke717spotter From United States of America, joined Dec 2005, 2455 posts, RR: 5
Reply 3, posted (7 years 4 months 3 weeks 3 days 21 hours ago) and read 2166 times:

Quoting SkyexRamper (Reply 2):
AHHAHHA...who says he won't!

Exactly what I was thinking.



Will you watch the Cleveland Browns and the Detroit Lions on Sunday? Only if coach Eric Mangini resigned after a loss.
User currently offlineSideflare75 From United States of America, joined May 2005, 613 posts, RR: 1
Reply 4, posted (7 years 4 months 3 weeks 3 days 19 hours ago) and read 2120 times:

Quoting SkyexRamper (Reply 2):
AHHAHHA...who says he won't!

He did. I don't remember whether I read it or heard it in an interview but they said that they weren't planning on coming to the YX meeting anyway. They thought it was funny that YX set their meeting to be the same date and time as FL's so they must have put something out earlier about when the FL meeting was going to be. I'll see if I can find where I got that from.

Can Joe come if he himself doesn't own any stock? I know AirTran has 200 shares so does that mean he can show up if he wants? Just curious.


User currently offlineSideflare75 From United States of America, joined May 2005, 613 posts, RR: 1
Reply 5, posted (7 years 4 months 3 weeks 3 days 18 hours ago) and read 2080 times:

Here is where I read that they won't be showing up at the meeting. This is an article from the Atlanta paper on 3/30/07.


Midwest sets date for board showdown

By DAVE HIRSCHMAN
The Atlanta Journal-Constitution
Published on: 03/30/07

Midwest Airlines and frustrated suitor Airtran Airways agree on this much: May 23 is a great date for an annual meeting.

Midwest, the target of a $345 million hostile takeover bid from AirTran, announced Friday it will hold its annual meeting in Milwaukee on the same date and at the same time AirTran meets in Williamsburg, Va.

"It's quite peculiar that they chose exactly the same date and time we did," said Richard Magurno, AirTran's general counsel.

The lone item on Midwest's agenda is electing three directors to Midwest's 12-member board. AirTran has nominated its own slate of candidates and hopes institutional investors vote for them and pressure Midwest to agree to a buyout.

AirTran is offering $345 million, or $13.25 a share, for the Milwaukee-based carrier that, like AirTran, flies Boeing 717s. An acquisition would allow AirTran to start a hub near Chicago where its planes could reach both coasts.

Orlando-based AirTran's flight operations are heavily concentrated in Atlanta.

Midwest has rebuffed AirTran several times since the merger efforts became public in October and says it can grow faster and more profitably on its own.

Carol Skornicka, Midwest's general counsel, said the airline chose the May date "because it gives our shareholders time to get all the information they need."

AirTran's Magurno said the carrier is likely to send a "silent observer" but won't make a formal presentation at the Midwest meeting or sponsor any theatrics. Proxy votes are counted in advance of the meeting, and the outcome is likely to be determined long before the meeting is actually held.

"There won't be any drama," Magurno said. "We're confident that, by the time of their meeting, candidates we're supporting will have won the election."


User currently offlineQuickmover From United States of America, joined Mar 2004, 2494 posts, RR: 0
Reply 6, posted (7 years 4 months 3 weeks 3 days 18 hours ago) and read 2045 times:

I know they have until the 13th to give an answer, but after the first couple of offers, an answer was forthcoming within 24-48 hours. I think YX is giving the offer some thought this time. Just a guess, but I think the length of time for a response and a virtual media blackout regarding YX/FL on YX's part is telling.

We'll see.


User currently offlineSideflare75 From United States of America, joined May 2005, 613 posts, RR: 1
Reply 7, posted (7 years 4 months 3 weeks 3 days 17 hours ago) and read 2022 times:

Quoting Quickmover (Reply 6):
I know they have until the 13th to give an answer, but after the first couple of offers, an answer was forthcoming within 24-48 hours. I think YX is giving the offer some thought this time. Just a guess, but I think the length of time for a response and a virtual media blackout regarding YX/FL on YX's part is telling.

Actually they waited the full 10 business days after the first tender offer in January. The offer was made on the 11th and they responded on the 25th. When FL extended it the first time on Feb.1st they didn't respond until Feb 22nd. So this time they are waiting the full 10 days again. The company cannot say anything right now. That is the reason for the silence.
Besides it's kinda nice not listening to the back and forth bickering between 2 CEOs, and what more can be said. They both just keep repeating the same things over and over.


User currently offlineMke717spotter From United States of America, joined Dec 2005, 2455 posts, RR: 5
Reply 8, posted (7 years 4 months 3 weeks 3 days 17 hours ago) and read 2005 times:

Do those 3 canidates that FL has nominated really have that favorable of a chance at being elected? It sounds to him as if its a sure bet they get elected.


Will you watch the Cleveland Browns and the Detroit Lions on Sunday? Only if coach Eric Mangini resigned after a loss.
User currently offlineQuickmover From United States of America, joined Mar 2004, 2494 posts, RR: 0
Reply 9, posted (7 years 4 months 3 weeks 3 days 17 hours ago) and read 1988 times:

Quoting Mke717spotter (Reply 8):
Do those 3 canidates that FL has nominated really have that favorable of a chance at being elected? It sounds to him as if its a sure bet they get elected

3 directors are not enough to swing the deal unless they convince other directors. Their election might be viewed as a compromise move by institutional shareholders should the board again vote against the merger. They wouldn't really be voting against management, but would still like to keep their options open with FL.


User currently offlineMke717spotter From United States of America, joined Dec 2005, 2455 posts, RR: 5
Reply 10, posted (7 years 4 months 3 weeks 3 days 15 hours ago) and read 1946 times:

So do you think that any of these guys will actually be elected?


Will you watch the Cleveland Browns and the Detroit Lions on Sunday? Only if coach Eric Mangini resigned after a loss.
User currently offlineQuickmover From United States of America, joined Mar 2004, 2494 posts, RR: 0
Reply 11, posted (7 years 4 months 3 weeks 3 days 5 hours ago) and read 1858 times:

Quoting Mke717spotter (Reply 10):
So do you think that any of these guys will actually be elected?

I think it all depends on the YX response to the latest bid hike. 3 directors are not enough to get the deal done but it is enough to keep this deal alive. I can't see institutions, interested in making money on their stock, voting away the only thing that is making their stock go up.

If YX is ready to talk, my guess is YX will finally say ok, give us just a little bit more and you have a deal. FL has come up to $15 already and if YX will just crack the door open a little bit, instead of slamming it in their face this time, they could probably coax $16 or 17 just to get things done with cooperation.


User currently offlineMke717spotter From United States of America, joined Dec 2005, 2455 posts, RR: 5
Reply 12, posted (7 years 4 months 3 weeks 1 day 22 hours ago) and read 1708 times:

Looks like YX has moved its meeting back to June 14.


Will you watch the Cleveland Browns and the Detroit Lions on Sunday? Only if coach Eric Mangini resigned after a loss.
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