US Airways ups Delta offer by 20% to $10.2 bn
US Airways Group raised its offer for Delta Air Lines by 20% to $10.2 billion on Wednesday, as it seeks to put pressure on the bankrupt carrier’s creditors to agree to a deal that Delta’s management opposes.
By Agencies |
ATLANTA: US Airways Group raised its offer for Delta Air Lines by 20% to $10.2 billion on Wednesday, as it seeks to put pressure on the bankrupt carrier’s creditors to agree to a deal that Delta’s management opposes. It also set a February 1 deadline conditions to be met or its entire bid would be revoked.
US Airways said it would raise its offer by $1.7 billion from its November 15 bid that was valued at $8.5 billion. US Airways chief Doug Parker said the airline was raising its bid to remove any doubt that its bid was worth more than Delta’s plan to remain a standalone carrier.
Mr Parker said Delta’s creditors committee did not ask US Airways to raise its offer, but the panel indicated it was having a hard time making up its mind. “They were struggling with a decision and the analysis of our proposal versus that of Delta’s standalone proposal,” Parker said.
“We just wanted to make it a much, much easier analysis for them, and today we’ve done that.” Delta spokes-woman Betsy Talton said the airline had no immediate comment.
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