|
MILWAUKEE (AP) - Midwest Air Group Inc. prefers to fly alone. Time and again, that's what the board of directors has said in response to escalating takeover offers from rival AirTran Holdings Inc.
But in calling AirTran's repeated offers inadequate, Midwest's board of directors may have alienated itself from shareholders, more than half of whom have agreed to exchange their shares to AirTran for about $15 each in cash and stock if the deal is approved.
The board's nine members may find themselves alone this Thursday at the company's annual shareholder meeting, where three of them could lose seats to a slate nominated by AirTran.
|