ExpressJet declines SkyWest approach

© ExpressJet

ExpressJet has turned down an acquisition offer from SkyWest Airlines.

The Delta Connection and United Express operator made an unsolicited approach of $3.50 per share to ExpressJet.

A Special Committee made up of independent members from outside the ExpressJet Board of Directors was set up to evaluate the offer.

The committee voted unanimously against the offer and will now start a review of strategic and operational alternatives to secure ExpressJet's future operations.

Part of the review will include potential merger talks with Continental Airlines and further discussions with SkyWest.

Pat Kelly, Chairman of the Special Committee, said: "The ExpressJet Board and management are committed to taking all appropriate and necessary actions to enhance value for ExpressJet stockholders.

"As the Special Committee reviews the strategic alternatives available to the company, we have a solid management team and employees dedicated to providing our customers with exceptional service and conducting business as usual."

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