Clock is ticking on AirTran’s ‘final’ offer

AirTran Holdings Inc.’s “final” offer to acquire Midwest Air Group Inc. is due to expire at 11 p.m. CDT today.

Neither company commented this morning about the looming deadline.

AirTran’s hostile takeover bid for the Oak Creek-based parent company of Midwest Airlines includes an offer of $15 per share of Midwest stock. As of the close of business on May 16, shareholders had agreed to tender more than 13.9 million shares of Midwest stock to Galena Acquisition Corp., a wholly owned subsidiary of AirTran. That total represents more than 56.6 percent of all outstanding shares of Midwest’s stock.

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