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Airtran Sends Another Letter To Midwest Holders

Thu Jan 25, 2007 9:57 am

" January 24, 2007

Dear Midwest Shareholder,

We recently sent you information about AirTran Holding Inc.'s offer to exchange $13.25 of value in cash and AirTran stock for each share of Midwest Air Group that you own. As we recommended in an earlier letter, please review the documents carefully and thoroughly because your decision will ultimately determine the future of Midwest. (These materials are also available at http://www.airtran.com/midwest/default.aspx.)

As you know, we have tried our best to discuss with Midwest the merits of combining our two companies to the benefit of our respective shareholders, employees, customers and the communities we serve, but to no avail. Thus, we were left with no choice but to bring our offer directly to you and provide you the opportunity to act in your own financial interests.

There are a few key items to focus on when weighing the strength of the AirTran proposal versus the prospects of the Midwest standalone plan. The Midwest plan is heavily reliant on a continued benign competitive environment, growth with older and less efficient aircraft and regional jets, favorable fuel prices and higher average fares; all of which makes Midwest vulnerable to competition. What their plan doesn't do is address their vulnerabilities, specifically their revenue concentration (58% of their revenue is in their top 20 markets) and their aging fleet issues which they are compounding with the addition of outsourced regional jets and two more used MD80 aircraft. This plan simply doesn't produce significant growth or prepare them to compete effectively in the future.

By contrast, the AirTran proposal addresses each of these issues and provides the revenue diversity, cost structure, aircraft and other benefits that Midwest, its constituents in Milwaukee and Kansas City, its employees and most important, you, the shareholder need and deserve. We believe the combination of AirTran and Midwest will create a highly efficient airline with a broad national network and quality product that can compete with any airline. The AirTran fleet plan will provide both the means to improve the efficiency of the current Midwest network and to expand service at Milwaukee and Kansas City with brand new Boeing 737-700s which have the ability to reach any point in North America from either hub."
More @ http://biz.yahoo.com/prnews/070124/nyw144.html?.v=83
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