Western Air’s Stock Active
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NEW YORK — Fresh rumors about a takeover bid by Delta Air Lines for Western Airlines caused heavy trading in Western’s stock Wednesday, but the companies discounted them as unsubstantiated speculation.
“These rumors have been flying around like buzzards for a couple of months,” Delta spokesman James Ewing said. He said that, to his knowledge, there was no basis for them. Western spokesman Glenn Bozarth also discounted the rumors and said he knew nothing about a possible takeover.
Western’s stock was the most heavily traded on the New York Stock Exchange, with volume exceeding 7.2 million shares. By mid-afternoon, the price was $13 a share, up $1.375, but it later slid back to $11.75, up 12.5 cents.
Wall Street rumors were that a $16-a-share offer would come shortly. With about 42 million shares outstanding, that would amount to an offer of $672 million.
Delta is regarded as the most likely suitor for Western because it is concentrated in the East and Western has major hubs in Los Angeles and Salt Lake City.
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