The parent of United Airlines called a...

The parent of United Airlines called a proposal by the pilots’ union to buy United “highly contingent” and “not in the best interests of our shareholders.” In a letter to employees, Allegis Corp. Chairman Stephen M. Wolf said the $110-a-share pilots’ offer is “illusory” and has “no real prospect of being successful.” The proposal, he said, impairs United’s ability to retain qualified personnel. The weakened balance sheet resulting from the loans the union would need “would result in an airline unable to finance aircraft and other required capital expenditures,” Wolf said.