US Airways wooed American Airlines earlier than previously disclosed
In love and mergers, sometimes it is wiser to play hard to get. At any rate, this romance will soon move to a new level, or be shattered like a broken heart.
Excerpt from The Wall Street Journal
US Airways Group Inc. first proposed a merger to American Airlines parent AMR Corp. in April, suggesting American’s creditors and US Airways’ shareholders each own roughly half the combined company, people close to the discussions said.
The previously undisclosed proposal, made in an April 20 letter from US Airways Chief Executive Doug Parker to AMR Chief Executive Tom Horton and American’s creditors committee, sheds new light on the evolution of the merger negotiations, as American prepares to decide whether to pursue a deal or try to emerge from bankruptcy protection as an independent company.