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NEW YORK (MarketWatch) - SkyWest Inc. (SKYW:SkyWest Inc
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Last: 17.21+0.05+0.29%
3:13pm 04/25/2008
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SKYW 17.21, +0.05, +0.3%) confirmed its $3.50-a-share offer for ExpressJet Holdings Inc. XJ saying the bid was subject to the completion of due diligence.
The St. George, Utah-based carrier also said it has negotiated the principal terms of a new contract with Continental Airlines [ which is intended to become effective after a deal with ExpressJet. "We believe our offer is consistent with our strategy of pursuing viable opportunities to enhance shareholder value, while also offering value to Continental through a new code-share relationship," said Bradford Rich, SkyWest chief financial officer. SkyWest shares were down a fraction at last check to $17.14, while ExpressJet shares added 50% to $3.13.
http://biz.yahoo.com/prnews/080425/laf517.html?.v=4