US Airways Rejects Buyout Bid From Global
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US Airways Group dismissed a takeover attempt made by Global Airlines Corp., a holding company with no operations that earlier this year failed to buy Trans World Airlines Inc.
New York-based Global Airlines, which is owned by little-known investor Emil Bernard, offered to pay $1.8 billion, or $27 a share in cash and stock, for US Airways.
“Neither Mr. Bernard nor his company has established any meaningful credentials in support of their so-called proposal, nor has he met with senior executives of US Airways,” US Airways said. “The company does not believe that it can give any credibility to this so-called proposal, and, accordingly, has no plans to deal with it.”
US Airways and UAL Corp.’s United Airlines called off a $4.3-billion merger plan last month after the Justice Department said it would go to court to block the deal.
Shares of US Airways closed at $17.75, up 87 cents, on the New York Stock Exchange.
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