Preliminary Results Show Approximately 63 Percent of Total Outstanding Shares Have Been Tendered to Date
ORLANDO, Fla., – AirTran Holdings, Inc. (NYSE: AAI), the parent of AirTran Airways, today announced that Midwest Air Group (Amex: MEH) shareholder support has increased in support of our plan to merge and create a truly national low-cost, high quality airline.
As of the close of business on August 10, 2007, shareholders have agreed to tender approximately 15.5 million shares of Midwest to Galena Acquisition Corp., a wholly owned subsidiary of AirTran, which represents 62.7 percent of all outstanding shares of Midwest Air Group — a 3.2 percentage point increase over the number of shares tendered at the expiration of the last tender offer which expired June 8, 2007.
„Now, for the fourth consecutive time, we are pleased by the response from Midwest’s shareholders who have steadily increased their support for AirTran’s tender offer and our long-term strategic plan,“ said Joe Leonard, AirTran Airways chairman and chief executive officer. „We call upon Midwest’s Board of Directors to listen to the overwhelming majority of their shareholders and negotiate a definitive merger agreement with AirTran.“
AirTran Airways, a Fortune 1000 company, offers passengers more than 700 affordable, daily flights to 56 destinations throughout the United States. The airline is the second-largest carrier at its hub, Hartsfield-Jackson Atlanta International Airport, and one of America’s largest low-fare airlines. With more than 8,800 friendly Crew Members and free online booking on http://www.airtran.com, AirTran Airways makes travel both pleasant and convenient. The airline flies America’s youngest all-Boeing fleet, composed of the fuel-efficient Boeing 737-700 and 717-200 aircraft. AirTran Airways was also the first to install XM Satellite Radio on a commercial aircraft and the only airline with Business Class seating on every flight. For more information, visit http://www.airtran.com.
Financial and Legal Information
This document relates, in part, to the offer (the „Offer“) by AirTran Holdings, Inc., („AirTran“) through its wholly-owned subsidiary, Galena Acquisition Corp. („Galena“), to exchange each issued and outstanding share of common stock and Series A Junior Participating Preferred Stock and associated rights of Midwest Air Group, Inc., a Wisconsin corporation („Midwest“), (collectively the „Rights“ and together, the „Midwest Shares“), for consideration consisting of a combination of cash and common stock, par value $0.001 per share („AirTran Common Stock“), of AirTran having an aggregate value of $15.00 per share, comprised of $9.00 in cash and 0.5842 of a share of AirTran common stock.
The Offer currently is scheduled to expire at 12:00 Midnight, New York City time on August 10, 2007, unless extended. AirTran and Galena have expressly reserved the right, in their sole discretion, to extend the period of time during which the Offer will remain open. Any extension will be
announced no later than 9:00 A.M., New York City time, on the next business day after the previously scheduled expiration date.
This document does not constitute an offer to purchase or the solicitation of an offer to sell which is being made only pursuant to the Offer to Exchange and related Letter of Transmittal forming part of the registration statement referred to below. The information required to be disclosed by Exchange Act Rule 14d-6(d)(1) is contained in the Prospectus and is incorporated by reference. The Offer is not being made to and nor will tenders be accepted from or on behalf of holders of securities of Midwest Air Group, Inc. in any jurisdiction in which the making of the Offer or the acceptance thereof would not comply with the laws of such jurisdiction. In those jurisdictions in the United States where the securities, blue sky or other laws require the Offer to be made by a licensed broker or dealer, the Offer shall be deemed to be made on behalf of AirTran and Galena by Morgan Stanley & Co. Incorporated and Credit Suisse Securities (USA) LLC, or by one or more registered broker or dealers under the laws of such jurisdiction.
AirTran has filed a Registration Statement (No. 333-139917) with the Securities and Exchange Commission on Form S-4 relating to the AirTran common stock to be issued to holders of Midwest shares in the offer (the „Registration Statement“). The terms and conditions of the Offer are set forth in the prospectus, which is a part of the registration statement (the „Prospectus“), and the related Letter of Transmittal, which also are exhibits to the Schedule TO.
Investors and security holders are urged to read the Registration Statement, as well as any other relevant documents filed with the SEC, and any amendments or supplements to those documents, because they contain or will contain important information.
Investors and security holders may obtain a free copy of the Registration Statement, the Schedule TO, and amendments and supplements to such respective documents at http://www.sec.gov. The Registration Statement, the Schedule TO, and such other documents and amendments and supplements to such respective documents may also be obtained free of charge from AirTran by directing such request to: Richard P. Magurno, Corporate Secretary, AirTran Holdings, Inc., 9955 AirTran Boulevard, Orlando, Florida 32827, or to the information agent for this offering: Innisfree M&A Incorporated, 501 Madison Avenue, New York, New York 10022.
