Northwest Would Own 47 Percent of Midwest Airlines

The size of Northwest's stake was among the details released in the proxy statement filed Thursday by Midwest delineating its deal to be bought by TPG Capital for $17 a share.

After the Aug. 16 deadline, a motion was made to give AirTran, and TPG if appropriate, a last chance to increase their offers before the board made its final decision.

That motion was defeated 6-3, with the three votes in favor coming from three directors nominated by AirTran. They had taken their seats in June.

The board then unanimously approved the TPG-Northwest deal.

Midwest shareholders of record on Sept. 24 will get to vote on the TPG deal. A date for a special shareholders meeting on the sale has not been set.

Midwest and TPG Airline officials said they expected the deal to close in the fourth quarter.

To reach Randolph Heaster, call 816-234-4746 or send e-mail to


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