Airtran Airways' proposal to merge with Midwest Air Group has prompted litigation concerning the actions of Midwest's board. While a majority of Midwest's shareholders has approved of the merger plans, Midwest's board has refused to discuss the deal with AirTran and claims that it is protected by a "poison pill." Now AirTran has begun a proxy fight to replace three of Midwest's directors, and an investor group has filed a class action against Midwest and its board to prevent use of the poison pill.
June 08, 2007 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
When Airtran Airways’ general counsel Richard Magurno began work on a proposal to merge with Midwest Air Group last fall, he didn’t think the deal would last so long.
“We structured this from the beginning in a way that would provide a convenient way for Midwest to have a discussion with us,” he said.
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