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AirTran Holdings, Inc., Comments On Midwest Decision
ORLANDO, Fla. (August 17, 2007) – AirTran Holdings, Inc. (NYSE: AAI) the parent of AirTran Airways, today ended its efforts to acquire Midwest Air Group, Inc. (Amex: MEH) after the Midwest board rejected AirTran’s enhanced offer and agreed to sell Midwest Airlines to TPG Capital and Northwest Airlines.
“We sought to acquire Midwest because we believe joining the two airlines would have created a unique, efficient, truly national low-cost carrier with tremendous benefits for shareholders, communities and employees,” said Joe Leonard, Chairman and CEO of AirTran Airways. “We hoped the Midwest board would come to share our vision and reach a consensual agreement – just as a majority of Midwest shareholders recognized the value in our strategic plan. However, we accept the Midwest board’s decision.
“AirTran will continue our focus on growth – a strategy that has produced eight consecutive years of profitable expansion. We sought to acquire Midwest because a merger made strategic and operational sense – and we pursued a deal vigorously, and for the right reasons,” he said. “But AirTran doesn’t need to merge with any other carrier to achieve our business goals.
“AirTran will keep doing what we do best – adding new markets and aircraft in a smart, self-disciplined way, and continuing to provide outstanding customer service and low fares.”