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Monday, June 16, 2008
SkyWest Drops XJT Buyout
The execution of a new capacity purchase agreement between Continental and ExpressJet Holdings effectively precludes SkyWest's continued pursuit of its offer to acquire all of the outstanding shares of ExpressJet, according to SkyWest which announced it is dropping its bid to acquire ExpressJet. Related Story
"Although we continue to believe our offer represented a favorable opportunity for ExpressJet stakeholders, the execution of a new ExpressJet capacity purchase agreement removes a fundamental component of our offer," said Bradford R. Rich, SkyWest's executive vice president and chief financial officer. "Accordingly, we now intend to focus our resources on pursuing other elements of our strategic plan."
"Although we continue to believe our offer represented a favorable opportunity for ExpressJet stakeholders, the execution of a new ExpressJet capacity purchase agreement removes a fundamental component of our offer," said Bradford R. Rich, SkyWest's executive vice president and chief financial officer. "Accordingly, we now intend to focus our resources on pursuing other elements of our strategic plan."
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