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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Republic Airways Holdings, Inc. (MM) | NASDAQ:RJET | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.31 | 0 | 01:00:00 |
DOW JONES NEWSWIRES
Southwest Airlines Co. (LUV) announced its final bid for bankrupt airline Frontier Airlines Holdings Inc. (FRNTQ), making a binding offer of more than $170 million.
That is far higher than the $113.6 billion price Southwest said two weeks ago it intended to offer in the auction. That initial interest was higher than the $108.8 million offer Republic Airways Holdings Inc. (RJET) made in June.
The auction, which Southwest said is slated to begin Thursday, comes 14 months after Frontier filed for Chapter 11 protection in April 2008. The discount carrier has been seeking an investor to help it emerge from bankruptcy.
Republic, Frontier's single biggest creditor, has provided $40 million in debtor-in-possession financing to Frontier. While Republic would continue to have Frontier operate as is, Southwest said after two years it would absorb the carrier into its operations and replace its aircraft. Southwest said Monday that its bid includes taking some 80%, or about 40, of Frontier's Airbus planes.
A Republic spokesman acknowledged Southwest's offer and declined further comment.
If it is successful, the takeover would give Southwest its first international destinations. It will also make the carrier a formidable foe to UAL Corp.'s (UAUA) in Frontier's home base of Denver.
Southwest shares were recently down 2.3% at $8.90. Republic dropped 3.5% to $5.73.
-By Kerry Grace Benn and Kevin Kingsbury, Dow Jones Newswires; 212-416-2353; kerry.benn@dowjones.com
1 Year Republic Airways Holdings, Inc. (MM) Chart |
1 Month Republic Airways Holdings, Inc. (MM) Chart |
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