ABX says NO THANK YOU to ASTAR

[hvydriver]

Here's the full release from Daz.

Press ReleaseSource: ASTAR Air Cargo Holdings, LLC

ASTAR Withdraws Indication of Interest For ABX Air
Wednesday July 25, 9:39 am ET
MIAMI--(BUSINESS WIRE)--John Dasburg, the Chairman, President and Chief Executive Officer of ASTAR Air Cargo Holdings, LLC sent the following letter to the board of directors of ABX Air, Inc. (NASDAQ: ABXA - News) in response to a letter received on July 24, 2007 from Joseph C. Hete, President and Chief Executive Officer of ABX Air: July 25, 2007ABX Air, Inc. Board of Directorsc/o W. Joseph Payne, Secretary145 Hunter DriveWilmington, Ohio 45177Gentlemen:On July 24, 2007, Joseph Hete informed me that ABX Air's board of directors and management, having consulted with its advisors regarding ASTAR's $7.75 per share indication of interest, have determined not to proceed.ASTAR believes that the $7.75 per share amount reflects a full and fair price and is generous to the shareholders of ABX Air in the absence of a transaction with ASTAR. In light of your response, as reported in Mr. Hete's letter, our board of directors has unanimously determined to pursue other alternatives and we are, therefore, withdrawing our indication of interest.Very truly yours,John H. Dasburg
About ASTAR Air Cargo, Inc.
ASTAR Air Cargo, Inc. is the operating subsidiary of ASTAR Air Cargo Holdings, LLC. ASTAR Air Cargo is a licensed U.S. air carrier operating a fleet of 44 aircraft from its operational hub in Wilmington, Ohio. The airline provides all-cargo scheduled and charter services on a contract basis for the DHL Worldwide Express network and charter services on a contract basis for other customers including the U.S. military and the United States Postal Service. ASTAR Air Cargo is a participant in the United States Civil Reserve Air Fleet program supporting our national defense. Additional information can be found at www.astaraircargo.us.


Contact:
ASTAR Air Cargo Holdings, LLCMedia Contact:Richard Marcus, 202-295-8770Source: ASTAR Air Cargo Holdings, LLC

 

[AV8OR]

"The salesman said no and politely requested Daz make a serious offer."

mmmmm, that's not really what I heard. I think it was polite, but more like....hey, thanks, but, no thanks....now, later, never.

Looks like that's probably where things are headed too.

We'll see.

 

[shooter]

well, good. It's business as usual with both carriers doing their own thing. ABX will try to fix it's internal problems and ASTAR will do the same. No body count thus far. See you guys around KILN!

 

[HeavyjetDC8]

There isn't a fix for the internal ABX problem because the ANA contract involves a type of flying that the majority of pilots don't want - and there's no resolution for a new CBA in sight. In time the value of the stock will most likely decline, the true value play for the ABX shareholder would have been through a merger although at a higher stock price. Having one dedicated airline flying all of DHL's freight would also have been of advantage to both pilot groups.

Perhaps now the only way forward is to treat DHL as badly as they've treated us. Everything to gain with nothing to lose at this point by playing hardball.

 

[flyinboxes]

There isn't a fix for the internal ABX problem because the ANA contract involves a type of flying that the majority of pilots don't want - and there's no resolution for a new CBA in sight. In time the value of the stock will most likely decline, the true value play for the ABX shareholder would have been through a merger although at a higher stock price. Having one dedicated airline flying all of DHL's freight would also have been of advantage to both pilot groups.

Perhaps now the only way forward is to treat DHL as badly as they've treated us. Everything to gain with nothing to lose at this point by playing hardball.

Right on the money HeavyjetDC8.

 

[shooter]

There isn't a fix for the internal ABX problem because the ANA contract involves a type of flying that the majority of pilots don't want - and there's no resolution for a new CBA in sight. In time the value of the stock will most likely decline, the true value play for the ABX shareholder would have been through a merger although at a higher stock price. Having one dedicated airline flying all of DHL's freight would also have been of advantage to both pilot groups.

Perhaps now the only way forward is to treat DHL as badly as they've treated us. Everything to gain with nothing to lose at this point by playing hardball.

well, how did you figure a merger would fix the ANA problems if they can't be fixed now? Did you think the ANA flying would go away? Did you figure the ASTAR guys would bid it? Just asking, not flaming.

 

[ABXbooger]

For DHL to replace ABX would cost them what...

A minimum of 60 airplanes ( to replace the 90ish we fly now????) at a conservative estimate of 20 mill per equals what....1.2 Billion. Not to mention the time it would take to reserve the conversion slots. New frames would probably triple that cost.

And if they do look outside the two current companies, well they might as well pack up and go back to Deutschland.

 

[shooter]

For DHL to replace ABX would cost them what...

A minimum of 60 airplanes ( to replace the 90ish we fly now????) at a conservative estimate of 20 mill per equals what....1.2 Billion. Not to mention the time it would take to reserve the conversion slots. New frames would probably triple that cost.

And if they do look outside the two current companies, well they might as well pack up and go back to Deutschland.

I don't doubt that Dasburg makes a play on Kitty. How many aircraft do they have on line?


got it from the ABX/Kitty Hawk thread....still need ABX.

Originally Posted by Box-Hauler-why would Astar want ABX when they could buy Kitty Hawk, own 17, 72's and 7, 737F's. Then they could ramp up faster. DHL could accelerate their taking away of cities from ABX, make Astar the the sole provider for DHL and realy piss away market share. I have management written all over me. Who has Rolf Büttner's email address a mind like mine is a terrible thing to waist.

Look at Kitty Hawks stock price .32 per share. It has a market cap of 17Mil. Offer 20 million get 24 airplanes. Thats less than $850,000 per plane. Hell there are piston singles that cost that much.I know I can sell this idea to the Germans.

 

[fodc8]

Shooter You got what you wanted. Be happy! However you are going to learn very quickly how replacable you really are. It's just unfortunate that all the good guys at ABX are going to have to take the same ride as you.

 

[shooter]

Shooter You got what you wanted. Be happy! However you are going to learn very quickly how replacable you really are. It's just unfortunate that all the good guys at ABX are going to have to take the same ride as you.

why all bad vibes? I am happy, why are you so sore?