Definitive Merger Agreement With TPG Capital Announced by Midwest Air Group

The parent company of Midwest Airlines, has announced that it has signed a definitive merger agreement to be acquired by an affiliate of TPG Capital L.P.

Aug. 21, 2007

Midwest Air Group (Amex: MEH), the parent company of Midwest Airlines, has announced that it has signed a definitive merger agreement to be acquired by an affiliate of TPG Capital L.P.

The merger agreement, which was unanimously approved by the Midwest Air Group board of directors, is valued at approximately USD450m.

Under the terms of the agreement each outstanding share of Midwest's common stock will be converted into the right to receive USD17.00 per share in cash.

Midwest has approximately 26.6 million shares outstanding, including shares subject to options, restricted share awards and outstanding warrants.

The transaction is expected to be completed in the fourth quarter of 2007 and is subject to approval by Midwest's shareholders, as well as other customary conditions, including anti-trust approvals.

(Comments on this story may be sent to [email protected])