Piedmont Accepts USAir Offer
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WASHINGTON — USAir Group Inc. and Piedmont Aviation Inc. announced today that Piedmont’s board of directors has accepted USAir’s sweetened $1.59-billion buyout offer.
The cash agreement calls for USAir to pay $69 a share for Piedmont stock. The deal was expected to frustrate the attempt by TWA Chairman Carl Icahn to buy USAir for $1.65 million. TWA, nevertheless, filed a new petition today with the Transportation Department seeking approval of the proposed purchase. The department rejected a similar petition last week.
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