Page 8/The Battalion/Tuesday, December 17,1985
Texas Air renews bid to buy out TWA
Associated Press
NEW YORK — Texas Air Corp.
has renewed its bid to acquire Trans
World Airlines in an all-cash deal va
lued at more than $700 million, or
$22 a share, if New York financier
Carl C. Icahn fails to complete his
acquisition of the airline, both com
panies said Monday.
The statement came one week af
ter Wall Street sources disclosed
Icahn is having trouble assembling
financing to purchase the approxi
mately 16.9 million shares, or about
48 percent, of the financially trou
bled airline he does not already own.
The acquisition was supposed to be
completed by Dec. 1.
It was the latest twist in a bitter
battle to acquire TWA, begun earlier
this year by Icahn and Frank Lo
renzo, president of Texas Air Corp.
Lorenzo originally offered $26 a
share in cash and securities for the
airline, but TWA opted to be ac
quired by Icahn for $24 a share in
cash and securities in September.
Icahn was helped by TWA em
ployees, fearful of Lorenzo’s anti-la
bor reputation, who promised wage
concessions if Icahn became the new
owner.
“If TWA’s current merger
agreement with Carl C. Icahn were
to be terminated without liability to
TWA or payments to Icahn, Texas
Air would be willing to enter into a
merger agreement with TWA pro
viding for the acquisition of TWA by
Texas Air and the payment of $22 in
cash for each outstanding share of
TWA common stock,” TWA quoted
a letter from Texas Air as saying.
The TWA statement also quoted
the letter as saying Lorenzo would
be willing to negotiate the same type
of labor concessions TWA employ
ees offered Icahn. It said TWA man
agement “will meet with Icahn to
discuss the status of their existing
merger agreement, as well as the
Texas Air proposal.”
Dennis Block, Icahn’s attorney,
said he would make no comment
about the proposal or any aspect of
the Icahn acquisition.
Michael Cinelli, a Texas Air
spokesman, said the company had
released a text of the letter, and he
confirmed TWA’s version of it. He
declined to comment further.
The new offer was disclosed at the
end of the business day and had no
effect on TWA’s stock, which has fal
tered because of concern about
Icahn’s takeover bid.
Reagan mourns loss of 248 members of 101st
(continued from page 1)
chairs to look into the face of the
president.
Many family members wore black
arm bands and one clutched a
framed photograph of her dead
husband.
Also in the audience were many
soldiers wearing the brown and tan
desert camouflage fatigues and fly
ing dove shoulder patch of the
United Nations’ Multinational
Force. They returned just ahead of
those whose plane didn’t make it.
Noting that the victims were
happy and singing as they re
boarded the aircraft after its refuel
ing stop in Canada, Reagan offered
a prayer asking God to receive “the
men and women of the great and
fabled Screaming Eagles.”
“They must be singing now,” he
said, “in their joy, flying higher than
mere man can fly, as flights of angels
take them to their rest.”
“Some people think of members
of the military as only warriors,
fierce in their martial expertise,”
Reagan said. “But the men and
women we mourn today were peace
makers. They were there to protect
life and preserve a peace, to act as a
force for stability and hope and
trust.”
Reagan offers solace to families of victims
(continued from page 1)
The division’s band played slow
tunes, including “Auralee,” as the
Reagans spoke to the families.
He embraced small children and
hugged weeping wives and mothers.
Mrs. Reagan clutched a white hand
kerchief and frequently dabbed at
her eyes.
Venita King, whose husband,
Capt. Robert M. King, was killed,
said Reagan “extended his condo
lences and we exchanges cordiali
ties.”
Her 2‘/2-year-old son was by her
side but “he is not aware of what
happened. He accepted this as just
another military affair.”
Sgt. Robert E.F. Dutton said he
was surprised that Reagan spoke
personally with every family mem
ber who attended. “I thought it was a
very honorable gesture,” he said.
A chaplain who attended the serv
ice said the president’s attention to
the families was a turning point.
“We were asked to ride on the
buses with families as they were
going back and it seemed like their
spirits had sort of raised,” said Capt.
Douglas L. Carver.
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