Manufacturing Industry
Excel Airways shares tumble after takeover talk
Airline Industry Information, Oct 6, 2004
AIRLINE INDUSTRY INFORMATION-(C)1997-2004 M2 COMMUNICATIONS LTD
UK-based Excel Airways' shares fell by nearly 50% after the charter airline announced that a major shareholder might be preparing a bid for the company.
The firm said that a deal between its two major shareholders, holiday company Libra and Air Atlanta, could result in a low offer being accepted for the company. In the first ten minutes of trading on 6 October 2004 Excel Airways' shares fell 48%.
Excel Airways said publicly on 5 October 2004 that Air Atlanta has made an inquiry about purchasing Libra's 39% stake which means under UK takeover rules that Air Atlanta would have to make a bid for all the company's outstanding UK shares. A spokesperson for Excel Airways said that it is aware that the price per share at which the acquisition would take place is below the company's current market value, reported Reuters.
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