Proposed Acquisition of Midwest Air Group
On January 11, 2007, we commenced an exchange offer for all of the outstanding shares of Midwest Air Group, Inc. (Midwest), for $13.25 per Midwest share, based on the closing price of our common stock on January 8, 2007. The offer consisted of $6.625 in cash and 0.5884 shares of AirTran common stock for each Midwest share. Because we believe a combination of the two airlines would strengthen both airlines we are continuing to pursue the acquisition of Midwest. On April 2, 2007, we increased our offer to purchase all of the outstanding shares of Midwest to $15.00 per Midwest share, based on the closing price of AirTran common stock on March 30, 2007. The offer consists of $9.00 in cash and 0.5842 shares of AirTran common stock for each Midwest share. The total value of the exchange offer is $389.0 million. The offer, which is being made through a wholly-owned subsidiary, has been extended and is scheduled to expire on August 10, 2007. The offer is subject to specified conditions. We anticipate funding the cash portion of the purchase price with the proceeds from $225 million in senior secured financing under a proposed credit facility and cash on hand. As of June 30, 2007, other non-current assets include $7.7 million of incremental direct costs associated with the proposed acquisition of Midwest. Such costs, together with any additional costs incurred subsequent to June 30, 2007 would be immediately expensed if we discontinue our efforts to acquire Midwest.
|Quoting JetJeanes (Reply 3):|
It will cost yx if its not approved. the sec kicked it back for some reason about the third party involved with Nw. I just glanced at the article yesterday,,,
|Quoting 2175301 (Reply 4):|
Not exactly true: The SEC requested more information and extended the date for approval. The SEC commonly does this and only very rarely does not approve the merger. There is no indication that the SEC will not approve the merger in this case as they did not request any additional unusual information.
I have also read speculation that the real reason the SEC does the second information request is because they routinely do not have time to complete their review in the normal time window - and the only way to get an extension is to request more information.
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