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twitterBrief: Firm ups bid for Reno Air
Tuesday, Dec. 22, 1998 | 11:42 a.m.
Aviation Technologies Ltd. said Monday it plans to offer $8.15 a share for the company's common stock, 40 cents more than American is proposing.
"We think it's a $200- to $220-million corporation," Aviation Technologies Chairman and Chief Executive Robert Kemp told the Reno Gazette-Journal.
He called the American offer outrageous.
In addition to the $124 million stock buyout, American would be assuming approximately $50 million in Reno Air debt.
Kemp said his group wants to maintain Reno Air's hub in Reno and expand its long-distance service. Contrary to what current management says, Kemp said Aviation Technologies believed Reno Air can survive as an independent airline.
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