Atlas Air (AAWW)'s market cap is $1.07 billion. UPS has deep pockets but that would be a mighty high price to simply buy out a competitor. Let alone the anti-trust mares nest between the US and EU for basically wiping out DHL's business.
They increased the number of shares by 100% overnight by a near unanimous vote of shareholders. They also set up golden parachutes for executives in exchange for walking away from their contracts. There's very few reasons why shareholders would vote to cut their share's values in half (and why the market price for said shares have stayed the same). A purchase seems almost inevitable and imminent. Question is who has the means and the motive.