MINNEAPOLIS — Pan Am Corp. submitted a revised bid for Northwest Airlines today that includes an additional $200 million in equity while oil billionaire Marvin Davis said he has revised his offer for the carrier for the last time.
Northwest's machinists' union also met today's deadline for revised offers, the union's president said, but previous bidder MEI Diversified of Minneapolis said it would not make a new offer.
Northwest parent NWA Inc. had set today as a deadline for revised offers after rejecting all offers in the first round of bidding.
Northwest stock rose 12 1/2 cents to $107.62 1/2 a share today in mid-morning trading on the New York Stock Exchange. Analysts have said the winning bid could be as high as $120 a share, but the company repeatedly has said it may not sell the airline.