avrodriver
************
- Joined
- Jan 31, 2002
- Posts
- 415
http://finance.yahoo.com/news/ExpressJet-Accepts-SkyWest-prnews-263128299.html?x=0&.v=1
HOUSTON, Aug. 4 /PRNewswire-FirstCall/ -- ExpressJet Holdings, Inc. (NYSE:XJT - News), parent company of regional and charter airline operator, ExpressJet Airlines, Inc., today announced that it signed a definitive merger agreement with SkyWest, Inc. (Nasdaq:SKYW - News) whereby SkyWest, Inc. will acquire all of the outstanding common shares of ExpressJet for $6.75 per share in cash subject to the conditions of the definitive merger agreement. SkyWest, Inc. advised that its intention is that ExpressJet Airlines will be merged with its wholly-owned subsidiary, Atlantic Southeast Airlines following the closing of the transaction and receipt of all required regulatory approvals.
Regarding the acquisition, George Bravante, Chairman of the ExpressJet Board, stated, "We believe this transaction provides a significant premium over ExpressJet's current market price for its stockholders and that the combined airline will be able to provide a stable, platform for growth for ExpressJet employees after this transaction closes."
It is anticipated that the combined airline will maintain significant operational presence in each of the hubs ExpressJet currently serves, including Continental's current hubs in Houston, Newark/New York and Cleveland, as well as hubs in Chicago O'Hare and Washington Dulles for United Airlines. In addition, it is expected that the vast majority of front-line employee positions will not be impacted by the acquisition.
The Boards of Directors of both companies unanimously approved the definitive merger agreement. The transaction is not subject to a financing condition, but is subject to approval by ExpressJet stockholders and to receipt of certain regulatory approvals and customary conditions. The transaction is currently expected to close during fourth quarter 2010.
Corporate Headquarters
It is anticipated that the combined airline will maintain an operational support structure in Houston, Texas, while corporate headquarters will be located in Atlanta, Georgia.
Customers
This transaction is not expected to result in material changes to operating schedules, destinations served or aircraft deployment of either airline. Customers of both carriers can continue to expect to receive the superior high-quality service to which they have become accustomed. It is anticipated that combined airline will continue to serve Continental's current hubs in Houston, Newark/New York and Cleveland as well as hubs in Chicago O'Hare and Washington Dulles for United Airlines.
Investor and Media Call Information
ExpressJet will discuss the transaction as well as its second quarter 2010 results on Wednesday, August 11, 2010 at 10:00 a.m. EDT (9:00 a.m. CDT). A live webcast of the call will be available at www.expressjet.com. To access the conference call by phone, dial (866) 638-3022 approximately 10 minutes prior to the scheduled start time and ask to join the ExpressJet call. International callers should dial (630) 691-2765.
Advisors
Upon receipt of the offer, ExpressJet engaged Goldman Sachs & Co., as its primary financial advisor, and Seabury Securities LLC, an investment banking and consulting firm, as well as Abrams & Bayliss LLP and Andrews Kurth LLP, as its legal advisors.
About ExpressJet
ExpressJet Holdings operates several divisions designed to leverage the management experience, efficiencies and economies of scale present in its subsidiaries, including ExpressJet Airlines, Inc. and ExpressJet Services, LLC. ExpressJet Airlines serves 135 scheduled destinations in North America and the Caribbean with approximately 1,400 departures per day. Operations include capacity purchase agreements for United and Continental as well as providing clients customized 50-seat charter options; and supplying third-party aviation and ground handling services. For more information, visit www.expressjet.com.
HOUSTON, Aug. 4 /PRNewswire-FirstCall/ -- ExpressJet Holdings, Inc. (NYSE:XJT - News), parent company of regional and charter airline operator, ExpressJet Airlines, Inc., today announced that it signed a definitive merger agreement with SkyWest, Inc. (Nasdaq:SKYW - News) whereby SkyWest, Inc. will acquire all of the outstanding common shares of ExpressJet for $6.75 per share in cash subject to the conditions of the definitive merger agreement. SkyWest, Inc. advised that its intention is that ExpressJet Airlines will be merged with its wholly-owned subsidiary, Atlantic Southeast Airlines following the closing of the transaction and receipt of all required regulatory approvals.
Regarding the acquisition, George Bravante, Chairman of the ExpressJet Board, stated, "We believe this transaction provides a significant premium over ExpressJet's current market price for its stockholders and that the combined airline will be able to provide a stable, platform for growth for ExpressJet employees after this transaction closes."
It is anticipated that the combined airline will maintain significant operational presence in each of the hubs ExpressJet currently serves, including Continental's current hubs in Houston, Newark/New York and Cleveland, as well as hubs in Chicago O'Hare and Washington Dulles for United Airlines. In addition, it is expected that the vast majority of front-line employee positions will not be impacted by the acquisition.
The Boards of Directors of both companies unanimously approved the definitive merger agreement. The transaction is not subject to a financing condition, but is subject to approval by ExpressJet stockholders and to receipt of certain regulatory approvals and customary conditions. The transaction is currently expected to close during fourth quarter 2010.
Corporate Headquarters
It is anticipated that the combined airline will maintain an operational support structure in Houston, Texas, while corporate headquarters will be located in Atlanta, Georgia.
Customers
This transaction is not expected to result in material changes to operating schedules, destinations served or aircraft deployment of either airline. Customers of both carriers can continue to expect to receive the superior high-quality service to which they have become accustomed. It is anticipated that combined airline will continue to serve Continental's current hubs in Houston, Newark/New York and Cleveland as well as hubs in Chicago O'Hare and Washington Dulles for United Airlines.
Investor and Media Call Information
ExpressJet will discuss the transaction as well as its second quarter 2010 results on Wednesday, August 11, 2010 at 10:00 a.m. EDT (9:00 a.m. CDT). A live webcast of the call will be available at www.expressjet.com. To access the conference call by phone, dial (866) 638-3022 approximately 10 minutes prior to the scheduled start time and ask to join the ExpressJet call. International callers should dial (630) 691-2765.
Advisors
Upon receipt of the offer, ExpressJet engaged Goldman Sachs & Co., as its primary financial advisor, and Seabury Securities LLC, an investment banking and consulting firm, as well as Abrams & Bayliss LLP and Andrews Kurth LLP, as its legal advisors.
About ExpressJet
ExpressJet Holdings operates several divisions designed to leverage the management experience, efficiencies and economies of scale present in its subsidiaries, including ExpressJet Airlines, Inc. and ExpressJet Services, LLC. ExpressJet Airlines serves 135 scheduled destinations in North America and the Caribbean with approximately 1,400 departures per day. Operations include capacity purchase agreements for United and Continental as well as providing clients customized 50-seat charter options; and supplying third-party aviation and ground handling services. For more information, visit www.expressjet.com.
