Riley Investment Management principal John Ahn has won a seat on the board of Mesaba Airlines parent MAIR Holdings in exchange for abandoning his plans to call a special shareholders meeting to increase the size of the company’s board to 10 members and change the company’s bylaws. Ahn’s company, which controls some 4.4 percent of MAIR’s stock, accused Northwest of purposely suppressing Mesaba’s value before submitting its January buyout offer and pledged to “pursue all avenues to ensure that such a transaction is not consummated.” As part of his deal, Ahn will also sit on the MAIR board’s nominating committee. Northwest’s proposed purchase of Mesaba still awaits bankruptcy court approval.
Merger Foe Joins MAIR Board
- March 8, 2007, 4:25 AM