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US Airways Won't Take No for An Answer

January 10, 2007 By: Jennifer Merritt Travel Agent

Despite Delta Air Lines' rejection of its initial $8.4 billion merger bid, US Airways on Wednesday increased its offer by $2 million for Delta, including $5 billion in cash and 89.5 million shares of US Airways stock. "While our original proposal offered substantially more value to Delta's unsecured creditors than the Delta stand-alone plan, we are making this revised offer to eliminate any doubt that a merger with US Airways offers Delta's unsecured creditors significantly more value," US Airways Chairman and CEO Doug Parker said in a statement. "Without the support of the creditors, our offer is set to expire on Feb. 1. It is time for this process to move forward." The same conditions as the previous offer apply, including a due diligence investigation, regulatory approvals and approval by Delta's bankruptcy court.

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