NEW YORK — Boeing said Thursday that it does not intend to become involved in the management of Allegis, in which it has a large new stake, but will "protect our investment" in the transportation services conglomerate.
The two companies announced Tuesday that airplane maker Boeing would sell 36 new airliners to Allegis' United Airlines subsidiary for $2.1 billion and at the same time buy $700 million worth of Allegis notes that are convertible to common stock. The stock could be turned into a 15% equity stake in Allegis.
The two-paragraph Boeing statement Thursday said, in part: "We intend to protect our investment by relying on the terms of the financing agreement that guard against actions or events which could adversely impact the present financial strength of Allegis."
Analysts said Thursday that Boeing appeared to be saying that it would not join any hostile takeover attempt for Allegis. According to a 200-page 8-K document that Allegis filed Thursday with the Securities and Exchange Commission, Boeing is prohibited from solicitation of proxies and from seeking to "advise, encourage or influence" or participate in any hostile move initiated by anyone against Allegis.