Investors

TPG trumps AirTran’s offer for US airline

US regional airline Midwest has turned down discount airline AirTran’s buyout offer in favour of a higher, $400m bid by TPG Capital and Northwest Airlines. A formal agreement is expected in days.

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TPG Capital is on schedule to acquire Milwaukee, Wisconsin-based Midwest Air Group in an all-cash deal worth approximately $400 million (€294 million). The US regional airline has said it will “pursue” the offer, and expects to ink an agreement by Wednesday, pending a final valuation.

TPG offered $16 per share in cash for the company, a 12.5