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People Express Rejects Offer

July 10, 1986|Associated Press

NEWARK, N.J. — Texas Air Corp. said today that its $235.8-million offer for People Express Inc., parent of troubled People Express Airlines, was rejected by the board of the upstart no-frills carrier.

Confirming for the first time that it had made the offer, Texas Air said it ended discussions over the possible acquisition of the Newark-based airline, which revolutionized the business five years ago with the concept of uniformly cheap fares.

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