You do realize that whenever a buyout is attempted the stock price always takes a jump, many reasons contribute to this. One of the most important ones is that the per share buyout price is usually more than its current market value which is an attempt to sway their current investors. This causes outside investors try to jump on the wagon hoping to make a quick profit. Thus driving the stock price up causing the buying party to submit a second offer which contibutes to the investors earning even more money. XJT’s jump in stock price has very little to do in XJT’s value and quite a bit to do with investors attempts at making a quick buck. I promise you that if & when SKW backs out you’ll see XJT’s stock price begin to settle as investors start selling because the buyout no longer brings the promise of larger profits. None the less those who jumped on the wagon will be very happy with their handsome profits from the stock jump alone.

BTW, Midwest experienced the same jump and remember that in the end, after several counters, they ended up being sold.

Also, the $3.50 per share was a low ball offer seeing you never bid high on the first attempt. This holds true in life in general.

As for XJT’s flying, I guarantee you that if SKW purchases XJT, you guys will retain the flying and SKW will use the 75 EMB options to gain another code share. Not to worry, SKW will do their very best retain all of XJT's employees, just look at West Air & ASA as examples.

Best of luck and I'd rather you guys stay independent but the second best option would be for SKW to buy you.