Oct 24, 2007 2:45 pm US/Central
4 Proxy Advisers Give OK To Midwest Air Sale
MILWAUKEE (AP) ―
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The Milwaukee-based operator of Midwest Airlines made the announcement Wednesday, just ahead of a shareholder meeting Tuesday to approve the deal, valued at about $450 million in cash.
AP
Four proxy advisers have recommended that Midwest Air Group Inc.'s shareholders approve the airline's sale to a private equity firm.
The Milwaukee-based operator of Midwest Airlines made the announcement Wednesday, just ahead of a shareholder meeting Tuesday to approve the deal, valued at about $450 million in cash.
Midwest agreed in August to be bought by private equity firm TPG Capital for $17 a share in cash. It has about 26.6 million shares outstanding. The deal includes Northwest Airlines Corp. as a passive investor.
Four advisory firms -- Institutional Shareholder Services Inc., Glass Lewis & Co., Egan-Jones Proxy Services and Proxy Governance Inc. -- have advised shareholders to approve the sale, Midwest said.
The sale is expected to be completed before the end of the year. It is also subject to antitrust approval, because of Northwest's involvement. The Eagan, Minn.-based airline has said it would not participate in Midwest's management.
The TPG deal followed months of escalating offers from rival AirTran Holdings Inc., the Orlando, Fla.-based operator of AirTran Airways.
Shares of Midwest were up 2 cents to $15.95 midday Wednesday, while shares of Northwest were down 48 cents to $18.02.
(© 2009 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)
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