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Old 20th Nov 2013, 00:58
  #86 (permalink)  
moa999
 
Join Date: Apr 2008
Location: Sydney
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ALAEA Fed Sec,

Totally misleading.
The "2007 Texas Takeover" bid was fully compliant with the QSA.

The only reason it failed was a few shareholders got greedy and only 46% accepted the bid at $5.45 (versus $1.15 today) when the conditions required a minimum 50%..

From a shareholder perspective not selling at the top was a stupid thing to do.

One can only speculate what would have happened if the bid had gotten up, but I suspect something like Ch. 9. Once the GFC hit it would have been overburdened with debt, so the lenders ultimately take control, it is recapped and relisted. But I suspect the airline and its staff would have gone through a whole lot more pain than has actually occurred since.
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