Midway Airlines says its board of directors has formed a special committee to evaluate the merger and acquisition proposal made by two of its major shareholders.
On 8 November, James Goodnight and John Sall, billionaire co-founders of software firm SAS Institute and 47.4% shareholders in the carrier, proposed to form a corporation in order to merge with Midway and acquire its remaining 52.6% for cash at $8 per share totalling $36 million.
The carrier's board is expected to retain counsel and advisors to assist in the evaluation of the Goodnight and Sall proposal.
Analysts say Midway is a viable and successful airline as it stands now. It recorded its highest-ever annual operating profit of $26.13 million in 1998, a noted achievement since its rise from the ashes of the defunct original Midway Airlines in November 1993.
Source: Flight Daily News