Midwest Air Group announced tonight that it has entered in to an agreement with TPG Capitol to sell the Milwaukee-based airline holding company for $16 per share in cash. This comes just hours after AirTran allowed its hostile tender offer to expire.
No mention was made of any other investors, such as the “passive” investor mentioned by AirTran, in Midwest’s statement, but The Milwaukee Journal Sentinel is reporting that the investment group does include Northwest Airlines.
AirTran’s offer was valued at $15.75, a mix of cash and AirTran stock. Midwest Air Group is the parent of Midwest Airlines and Skyway Airlines.
We’re still waiting for comments from Chip the Cookie, the Midwest Airlines mascot.
[Read “Private equity group to buy Midwest Air” at The Milwaukee Journal Sentinel.]