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Ual Inc

BUSINESS
September 2, 1989 | DENISE GELLENE, Times Staff Writer
United Airlines' pilots, joined by the company's senior managers and British Airways, Friday bid $6.5 billion for the parent company, UAL Corp., topping the $6.2-billion offer by Los Angeles billionaire Marvin Davis. UAL said the new proposal, valued at $300 a share, would give employees a 75% stake in the airline. UAL's top managers, including Chairman and Chief Executive Stephen M. Wolf, would get a 10% stake, and British Airways would end up with 15% of the carrier.
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BUSINESS
September 1, 1989 | From Staff and Wire Reports
The pilots union at United Airlines, together with British Airways, reportedly is set to make an offer worth up to $6.5 billion for the carrier, trumping a $6.19-billion offer from Los Angeles investor Marvin Davis. The New York Times reported in today's editions that the pilots union planned to make the offer today and that UAL's board was expected to approve it soon.
BUSINESS
September 1, 1989 | ROBERT E. DALLOS, Times Staff Writer
The Transportation Department, concerned about the heavy load of debt taken on by Northwest Airlines in its recent buyout by Los Angeles investor Alfred A. Checchi, said Thursday that it is conducting a full-scale "fitness examination" of the airline with particular emphasis on safety. Jeffrey N. Shane, assistant secretary for policy and international affairs, said in an interview that the department would closely scrutinize both debt burdens and foreign investment in the U.S. airline industry.
BUSINESS
August 26, 1989 | DENISE GELLENE, Times Staff Writer
Los Angeles billionaire Marvin Davis, stepping up the pressure on UAL Corp. Friday, said he has lined up $8 billion to pay for the company and gave its board six days to make a decision on his $275-a-share bid for the parent of United Airlines. Davis said he would deliver $1 billion cash equity, some of which he expected to get from unnamed domestic and foreign partners. Davis said he arranged to borrow the remaining $7 billion from Citibank.
BUSINESS
August 19, 1989 | From Reuters
UAL Corp. stock climbed further Friday amid reports that the airline company has lured at least two other potential bidders besides Los Angeles investor Marvin Davis. Shares in UAL, parent of United Airlines, rose $4.625 to $271 in active New York Stock Exchange trading, adding to the pressure on the board to put the company up for sale. The Chicago-based company would not comment on reports that investor Robert M.
BUSINESS
August 18, 1989 | BILL SING, Times Staff Writer
UAL Corp. on Thursday stalled a decision on Los Angeles billionaire Marvin Davis' $6.2-billion takeover offer, saying it was "still premature" to decide whether selling itself was appropriate and that it would continue to study other alternatives. The company, parent of United Airlines, also confirmed that it has been contacted by various third parties regarding possible bids. In addition, it said its advisers met with representatives of an employee group.
BUSINESS
August 17, 1989 | BILL SING, Times Staff Writer
Los Angeles billionaire Marvin Davis disclosed Wednesday that he is willing to boost his takeover bid for UAL to $275 a share from $240, subject to a review of the airline company's books. Davis also said he would seek the consent of UAL shareholders to remove all of the company's directors, except for Chief Executive Stephen M. Wolf, only if the board freezes out consideration of his offer. A Davis spokesman added that a review of UAL's internal finances could result in an even higher price.
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