Word: cabs
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Dates: during 1970-1979
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...aggressive carrier that, like Pan Am, has received preliminary approval to merge with National from the Civil Aeronautics Board, holds about 25% of the stock. Eastern Air Lines has also been trying to gain control of National in a separate proceeding, but has so far not got a preliminary CAB decision on its application...
...merger bid is approved, it has enough stock to take immediate control of the company without having to negotiate with other shareholders. Despite its majority holdings, Pan Am, which paid $42 a share, or about $186 million, for the stock, does not control National. Under a CAB dictate, all the contenders must hold their National shares in a nonvoting trust. In addition, Pan Am still has several important hurdles to clear. For example, the CAB must still give Pan Am approval after consulting with the Justice Department about whether the merger violates antitrust laws. Finally, the merger decision must...
Equally surprising, the CAB also gave Eastern Air Lines permission to buy up to 25% of National's stock, although the board has not made a decision on Eastern's takeover proposal...
...CAB has thus cleared the way for Pan Am and Texas International, each holding close to 25% of National's shares, to fight fairly freely for control of the airline in the marketplace. If Eastern later gets CAB permission to buy more than 25% of National's stock (it now holds just 100 or so shares), it also will become a serious bidder...
...CAB'S decision to allow the courtship shows its new tolerance of mergers...