Midwest Shareholders Elect AirTran Representatives to BOD

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As most everyone had expected, AirTran has apparently been successful in getting three AirTran-friendly new members elected to the Midwest Airlines‘ board of directors.

“Midwest Air Group, Inc. (Amex: MEH), parent company of Midwest Airlines, today announced that based on a preliminary review of the proxies voted at today’s annual meeting, it appears that shareholders have elected three directors nominated by AirTran Holdings, Inc. (NYSE: AAI) to Midwest’s board of directors. The Midwest board consists of nine directors.

The company also announced that its board has determined it will permit AirTran Holdings to make a presentation to the Midwest Air Group board regarding AirTran’s proposal. The board noted that it has made no determination to engage in negotiations with AirTran. No date for the session has been established.

Timothy E. Hoeksema, chairman and chief executive officer, stated that the election of directors constitutes a definitive action by shareholders. “While we are disappointed by today’s results, we recognize that our shareholders have spoken. If today’s election says anything at all, it says that our shareholders want us to listen and that is what we intend to do. The board remains fully committed to creating value for Midwest shareholders.”

This news comes after AirTran extended its offer for Midwest until August 10 on Monday. The previous deadline was June 8. AirTran also said Monday that 59% of shares have now been tendered in favor of the offer.

Yep. This is kind of like Chinese water torture. I think we all know where this is headed, but Midwest is not going to go down without a fight. So it’s far from over.