UAL Machinists Asked to Bid for Parent Firm
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NEW YORK — Billionaire investor Robert Bass and takeover firm Kohlberg Kravis Roberts & Co. have contacted the United Airlines’ Machinists union about bidding for parent company UAL Corp., the Wall Street Journal reported today.
Overtures from Bass and Kohlberg suggested that a pilot-led $6.75-billion offer backed by management could face unexpected competition in the bidding struggle for UAL, one of the nation’s leading airlines and a prime takeover target.
United’s Machinist union has not supported the pilot-management proposal.
UAL’s board also is considering a $6.19-billion offer from Los Angeles investor Marvin Davis.
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