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Northwest Airlines (NYSE:NWA) today confirmed it is a passive
investor in the acquisition entity that TPG Capital, L.P. (TPG) has
created to pursue an acquisition of all of the outstanding shares of
Midwest Air Group, Inc. at $16 per share. The bid submitted by TPG is
subject to the satisfaction of certain conditions.
Milwaukee-based Midwest Air Group operates Midwest Airlines and
Midwest Connect. The TPG offer was presented to the Midwest Air Group
board of directors on August 12, 2007.
NWA, which is providing financing to facilitate the transaction,
will not participate in the management or control of Midwest should
TPG acquire Midwest. The previously announced codeshare agreement
between NWA and Midwest Airlines will remain in place and the two
airlines will explore cost reduction activities such as joint fuel
purchasing.
Northwest has briefed its union leadership on the transaction. The
investment contemplated is consistent with all of NWA's union
obligations.
Northwest Airlines is one of the world's largest airlines with
hubs at Detroit, Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam,
and approximately 1,400 daily departures. Northwest is a member of
SkyTeam, an airline alliance that offers customers one of the world's
most extensive global networks. Northwest and its travel partners
serve more than 1,000 cities in excess of 160 countries on six
continents.
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