Market Updates
US Airways Lifts Bid for Delta to $10.2 B
Elena
10 Jan, 2007
New York City
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The improved bid followed a rejection of the first bid valued at $8.4 billion. It amounts to $5 billion in cash and 89.5 million shares of US Airways stock, higher than the original offer including 78.5 million shares of US Airways stock and $4 billion in cash.
[R]8:00AM US Airways increased bid for Delta by 20%.[/R]
US Airways Group Inc. ((LCC)) increased Wednesday its offer for Delta Air Lines Inc. ((DALRQ)) by 20% to $10.2 billion after the first bid, valued at $8.4 billion, was rejected by the bankrupt airline. The increased bid amounts to $5 billion in cash and 89.5 million shares of US Airways stock. The original offer included 78.5 million shares of US Airways stock and $4 billion in cash. The value of the improved bid is expected to go even higher if US Airways'' stock gains after market opening.
US Airways said the increased offer is set to expire on February 1 unless creditors indicate support for the start of the due diligence process, which would open up Delta''s books to US Airways. US Airways also wants Delta to postpone a February 7 bankruptcy hearing.
Executives of airline Delta have expressed disapproval of a buyout by US Airways. The nation''s third-largest carrier has filed a reorganization plan that calls for it to emerge from bankruptcy by the middle of 2007 as a standalone company worth $9.4 billion to $12 billion. Although Delta management stands against the deal, the key role in deciding the airline''s future course will be played by the unsecured creditors committee.
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