US Airways did set a deadline for the Delta Air Lines to reply or at least show some sort of interest in the bid. US Airways pulled their hostile bid for the bankrupt carrier this morning worth nearly $10 billion in cash and stock offers.
Long time investors in Delta Air Lines, Boeing and Coca-Cola, could not be swayed at the last moment even though other Delta investors wanted to accept the bid.
"We are disappointed that the Committee, which has been chosen to act on behalf of all Delta creditors, is ignoring its fiduciary obligation to those creditors," US Airways chief executive Doug Parker said in a written statement.
The withdrawn offer might have repercussions throughout the industry. Midwest Air keeps rebuffing AirTran Airways and further merger deals might not take place if other mergers do not proceed.
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