The board of directors of Midwest Air Group Inc. (MEH) has rebuffed takeover offers from rival AirTran Holdings Inc. (AAI). More than half of Midwest’s shareholders, however, have agreed to exchange their shares to AirTran for about $15 each in cash and stock if the deal is OK’d. At the company’s annual shareholder meeting three of on the board could lose seats to a slate nominated by AirTran.
The Sunnyvale firm has been promising a turnaround, but so far it seems like the tarnished Internet icon has only managed to stir up frustration about its inability to keep pace with Google Inc. (GOOG). The emotions stirred by Yahoo Inc.’s (YHOO) lackluster performance may boil Tuesday, when exasperated shareholders are expected to lash out at management for the problems.