Posted on: 14 September 2010 by Mark Howells
ExpressJet Holdings, Inc. and SkyWest, Inc. have been notified by the US Federal Trade Commission that it granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act with respect to SkyWest’s proposed acquisition of ExpressJet announced on 4 August, the Hart-Scott-Rodino Act filings for which were submitted on 30 August.
"We appreciate the quick review of our filing so that we can move forward towards closing the transaction," remarked Tom Hanley, president and CEO of ExpressJet. "This transaction provides ExpressJet stockholders a significant premium over ExpressJet’s market price prior to the announcement and we believe that the combined airline will be able to provide a stable platform for growth for ExpressJet employees after this transaction closes," added Hanley.
ExpressJet and SkyWest announced their merger agreement on 4 August in which SkyWest proposes to acquire all of the outstanding common shares of ExpressJet for $6.75 per share in cash. Following the merger, SkyWest intends to merge ExpressJet Airlines with Atlantic Southeast Airlines, a wholly-owned subsidiary of SkyWest, upon the receipt of all required regulatory approvals and the satisfaction of other closing conditions.
ExpressJet and SkyWest continue to expect the transaction to close during fourth quarter of 2010, subject to ExpressJet stockholder approval and customary closing conditions.