NWA Joins TPG in Acquisition of Midwest

Northwest Airlines on Monday joined TPG Capital in securing the outstanding shares of Midwest Air, calling itself a "passive investor" in the acquisition. NWA said it is providing financing for the acquisition, but will not participate in the management or control of Midwest. NWA and Midwest currently have a code share agreement in place and that agreement would continue under the new ownership, which Midwest's board unanimously approved on Sunday. TPG and its investment partners will acquire all outstanding shares of Midwest for $16 per share. AirTran Holdings, which also had been pursuing Midwest, had made a merger offer of $15.75 per share. According to a Midwest statement, the TPG offer "presented greater value and certainty for Midwest shareholders than the AirTran offer," adding that being acquired by TPG "would permit the company to continue its rich legacy as a leading provider of customer oriented quality air service." Visit [www.midwestairlines.com].

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