Davis Says He Will Match Buyout Offer for United Airlines
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CHICAGO — Billionaire investor Marvin Davis today said he will match a $6.75-billion buyout offer by pilots and managers of United Airlines that has been approved by parent UAL Corp., should the pilot-management bid fall through.
Although he said any bidder competing with the pilots and managers is at a “clear competitive disadvantage,” Davis said he is ready to pay $300 a share--without requiring any labor concessions--if the employee-management bid is not completed.
UAL opened $2.75 a share higher at $283.25 today on the New York Stock Exchange.
On Thursday, UAL Corp.’s directors approved a $300-a-share, or $6.75-billion, offer from the management-pilot group, which could result in the nation’s largest employee-owned company.
The plan, which includes a no-strike guarantee by the pilots and other cost-cutting labor concessions, was the latest twist in a 6-week takeover battle.
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