Originally Posted by
Work4life
None of us were there so we’ll never know exactly what went down but that’s what I’ve read. I’m going to venture to guess that it was a poker match played by shrewd business men and Angle Lake boys won the battle but lost the war. Depleting the enemy’s resources is one of the oldest strategies.
Acquiring VX was like buying a bag of chips only to find out that it’s full of air and only 1/3 full.
The entire story has to be disclosed and it was. Though you have to guess at who some airlines are, airline C was guessed to be Delta:
On January 5, 2016, Mr. Carty received a telephone call from certain senior executives from a large U.S.-based airline carrier (“Company C”) to highlight their potential interest in an acquisition of the Company and later submitted to Mr. Carty a detailed diligence request list in connection with their interest.
On February 16, 2016, at Alaska Air Group’s direction, representatives of Merrill Lynch and UBS called Evercore and informed them that Alaska Air Group may no longer be willing to offer $44.75 per share in connection with an acquisition of the Company and requested that the Company indicate whether it would be willing to accept a lower offer price.
In addition, as of such date, Company C had not expressed any willingness to submit an indication of interest in connection with a potential acquisition of the Company. Company C also informed the Company that it believed regulatory approvals would be lengthy and difficult to obtain in connection with its acquisition of the Company. The closing price of the Company’s common stock on NASDAQ on February 16, 2016 was $29.29 per share.