US Air Drops the Delta Bid, As Expected
US Airways (LCC-NYSE) has formally withdrawn its offer to acquire Delta Air Lines Inc. (DALRQ-NASDAQ/OTC). The Unsecured Creditors’ Committee would not meet its demands by the airline’s established deadline of Feb. 1, 2007. US Airways’ offer of $5.0 billion in…
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US Airways (LCC-NYSE) has formally withdrawn its offer to acquire Delta Air Lines Inc. (DALRQ-NASDAQ/OTC). The Unsecured Creditors’ Committee would not meet its demands by the airline’s established deadline of Feb. 1, 2007. US Airways’ offer of $5.0 billion in cash and 89.5 million shares of US Airways stock would have expired on Feb. 1, 2007, unless there was affirmative support from the Official Unsecured Creditors’ Committee. That didn’t happen and isn’t going to happen.
Yesterday we noted in the Delata Air $2.5 Billion exit financing that Delta was firing a shot out by using the term ‘STANDALONE’ on six occasions in their press release. If that didn’t bleed "GO AWAY!" then nothing else does either.
Jon C. Ogg
January 31, 2007
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