In a unanimous vote by its board members, Atlantic Coast Airlines last month formally rejected Mesa Air Group’s offer to acquire all of its outstanding shares and reaffirmed its commitment to forming a new low-fare operation at Washington Dulles International Airport. The October 23 announcement set the stage for a hostile takeover bid by Mesa, which days earlier filed papers with the SEC to replace the ACA board with seven of its own nominees. Meanwhile, United Airlines, which stands to lose vital feed from Dulles International Airport once it proceeds with plans to sever ties with Atlantic Coast, denied suspicions raised by ACA CEO Kerry Skeen that it secretly orchestrated Mesa’s buyout strategy.
ACA rebuffs MESA overture
- November 2, 2007, 7:30 AM