AirTran's battle to buy out Midwest Airlines supposedly ended Sunday night when Joe Leonard, AirTran chairman and chief executive officer, said, "For the good of our shareholders and crew members, we have terminated negotiations and allowed our tender offer to expire. At this time, we will focus our efforts on AirTran's strategic plan that has resulted in eight years of successful growth."
At that time it appeared that AirTran was throwing in the towel after TPG, a capital group, offered $16 cash for each share of Midwest stock, a premium over AirTran's cash and stock swap proposal.
Less that 48 hours after AirTran's "final" offer Joe Leonard was doing the proverbial "180" by offering a new cash-and-stock deal for about a quarter more per share than TPG. Midwest directors announced that they'd take the latest AirTran proposal under consideration.
There's always been good reason to question Leonard's credibility. After all, AirTran could have expanded service in Milwaukee without taking over Midwest. It hasn't done so and that makes one wonder whether all the promises Leonard made are simply illusions. This latest stunt removes all doubt.
Accordingly, Joe Leonard is the latest winner of The (Somewhat) Daily RAG's "Milorganite" award that goes to a person so full of dung that they should be licensed as a sewage treatment plant.
Enjoy it, Joe. You earned it.