Air Transport World

Shareholders sue Comair over Delta's $1.8b buyout.(Brief Article)(Statistical Data Included)

Several shareholders of Comair have filed two class-action lawsuits against the airline and its hoard for accepting Delta Air Lines' $23.50 per share/$1.8 billion cash offer to buy the Cincinnati-based Regional. The suits, filed in Kentucky and New York, claim the price Delta is offering to obtain the remaining 78% of Comair is inadequate and seek to block the transaction. Delta already owns 21.1 million shares or approximately 22% of its Delta Connection partner.

"We firmly believe that this is the best deal for all shareholders, employees and customers," said Meghan Glynn, Comair spokeswoman. The $23.50 share price is about 30% above the present market value hut below the 52-week high of $29. …

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