in the world of airline mergers, the smart ones are the sellers...

Skywest may see some value in acquiring ExpressJet, but what that value is I do not know. Most people would shy away from buying control of more 50 seat jets, and the branded flying is a risky proposition that could be a huge liability as fuel costs rise. About the only benefit I see to buying ExpressJet is "buying" the business relationship with CAL. This is what Pinnacle did by acquiring Colgan, though they bought relationships with USAirways, United, and Continental for 20 million, not 200 million.

I see Skywest trying to get their foot in the door with CAL, much like CHQ/RAH did by going after some 50 seat flying under less than ideal terms. Skywest is a solid company with capital to acquire more 70+ seat jets. RAH's goal in flying 50 seaters for CAL was to trade up to 70+ seaters in short time.

Conclusion: SkyWest smells scope relaxation at CAL in the future, and wants to be positioned to make a deal with CAL when that happens. RAH is already at the party, and ExpressJet holds the only other invitation...