From the press release that just hit the wires:

“Midwest Air Group (AMEX: MEH),parent  company  of  Midwest Airlines, today announced that it has signed a definitive merger agreement to be acquired by an affiliate of TPG Capital, L.P.  in  a  transaction  valued  at approximately $450 million. The merger agreement  was  unanimously  approved  by  the  Midwest  Air Group Board of Directors.

Under  the  terms  of  the  agreement,  each outstanding share of Midwest’s common  stock  will be converted into the right to receive $17.00 per share in  cash.  On  December  12,  2006,  the last trading day before the public announcement  of AirTran’s indication of interest in acquiring Midwest, the per  share  price  of  Midwest’s  common  stock  was  $9.08.  Midwest  has approximately  26.6 million shares outstanding, including shares subject to options, restricted share awards and outstanding warrants.”

$17 a share. Who would have thunk it?

More follow-up tomorrow. Meanwhile, we’ve got to do a bit of editing.