An investment group that specializes in employee-led...
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An investment group that specializes in employee-led corporate buyouts is poised to bid for troubled Eastern Airlines. The Atlanta Constitution reported that the group, organized last October as Grandview Acquisition Corp., is almost ready to approach the board of Texas Air Corp. Among the investors involved in Grandview is former CBS President John Backe. A spokesman for the group reportedly acknowledged that Grandview has yet to arrange all the financing needed to buy Miami-based Eastern, which analysts have speculated could go for $600 million to $800 million.
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