US Airways proposes to merge with Delta
15 November 2006US Airways Group said Wednesday it has made an $8 billion cash and stock offer for Delta Air Lines in a deal that would create one of the world’s largest airlines.
The offer to buy Delta once the Atlanta-based airline emerges from bankruptcy protection would give Delta’s unsecured creditors $4 billion in cash and 78.5 million shares of US Airways stock.
The offer is a 25% premium over the current trading price of Delta’s pre-petition unsecured claims as of Tuesday, and a 40% premium over the average trading price for Delta unsecured claims over the last 30 days.
source: USA Today
