TWA shares rise 53% after bid
Wednesday, November 8th 2000, 12:00 am
By: News On 6
ST. LOUIS â€“ Trans World Airlines Inc. shares rose 53 percent a day after Global Airlines Corp. offered about $298 million in its second bid in less than six months to buy TWA.
TWA rose 88 cents to $2.52 in heavy trading.
Global's $3.75 a share offer includes $2.25 in Global Class B nonvoting stock and $1.50 in cash for each TWA share, the closely held company said. TWA said it would consider any legitimate offer. Global is a New York-based company with no operations. It is headed by Los Angeles investor Emil Bernard.
In its latest offer, Global said it also would assume all assets and debt from TWA and keep all of the airline's employees.
TWA in a Securities and Exchange Commission filing listed $424 million in long-term debt and $109 million in capital lease obligations as of June 30.