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Midwest Air Group shareholders OK merger with TPG Capital
By Lisa Kerner
Charlotte, N.C., Oct. 30 - The merger of Midwest Air Group Inc. and an affiliate of TPG Capital, LP is one step closer to completion after Midwest shareholders approved the $17-per-share offer on Tuesday.
The transaction is slated to close in the fourth quarter of 2007, according to a company news release.
It was previously reported that Midwest agreed on Aug. 17 to be acquired by the TPG affiliate for some $450 million. Midwest made the decision to go with TPG Capital after AirTran Holdings, Inc. and TPG Capital submitted "best and final" offers. AirTran's offer was $16.27 per share in cash and AirTran stock, versus TPG Capital's all-cash offer.
Midwest is a Milwaukee-based provider of jet service to primarily business travelers. TPG Capital is the buyout group of TPG, a private investment firm based in Forth Worth, Texas.
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