Midwest Airlines dodged the AirTran takeover bullet with a buyout package that will net shareholders $16 per share in cash, a premium over AirTran's cash and stock offer.
The deal means Midwest management stays intact -- for now -- and we'll need to wait and see what other changes may be in the offing.
Northwest Airlines confirmed Sunday night that it's a passive investor in this consortium. This fuels a ton of speculation, of course, but suffice to say that Northwest would be smart to take and keep a hands off approach. Midwest would function best -- and southeastern Wisconsin served the best -- by a free-standing airline.