MILWAUKEE, Oct. 30 /PRNewswire-FirstCall/ — At a special meeting today, shareholders of Midwest Air Group, Inc. (Amex: MEH) approved a merger agreement providing for the acquisition of Midwest Air Group by Midwest Air Partners, LLC, an affiliate of TPG Capital, L.P. Under the agreement, each outstanding share of Midwest’s common stock will be converted into the right to receive $17.00 per share in cash.
The transaction, which is expected to be completed in the fourth quarter of 2007, is subject to customary conditions, including anti-trust approvals.
Midwest Airlines features jet service throughout the United States, including Milwaukee’s most daily nonstop flights and best schedule to major destinations. Catering to business travelers and discerning leisure travelers, the airline earned its reputation as “The best care in the air” by providing passengers with impeccable service and onboard amenities at competitive fares. Both Skyway Airlines, Inc. — a wholly owned subsidiary of Midwest Airlines — and SkyWest Airlines, Inc. operate as Midwest Connect and offer service to and connections through Midwest Airlines’ hubs. Together, the airlines offer service to 52 cities. More information is available at http://www.midwestairlines.com.
Statements about the expected timing, completion and effects of the proposed merger and all other statements in this release, other than historical facts, constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements and any such forward-looking statements are qualified in their entirety by reference to the following cautionary statements. All forward-looking statements speak only as of the date hereof and are based on current expectations and involve a number of assumptions, risks and uncertainties that could cause the actual results to differ materially from such forward-looking statements. Midwest may not be able to complete the proposed merger on the terms described above or other acceptable terms or at all because of a number of factors, including the failure to satisfy the closing conditions. These factors, and other factors that may affect the business or financial results of Midwest, are described in the risk factors included in “Item 1A. Risk Factors” in Midwest’s “Annual Report on Form 10-K” for the year ended December 31, 2006.
SOURCE Midwest Air Group, Inc