P.M. BRIEFING : Davis Seeks Foreign Help on UAL
NEW YORK — Marvin Davis is seeking the help of foreign airlines in an attempt to outbid a group that has offered $6.75 billion for UAL Corp., United Airlines’ parent company, the New York Times reported today.
Davis, a billionaire investor, is talking to European and non-European carriers, the newspaper said, quoting a person involved in Davis’ bid.
Davis had previously offered $275 a share for UAL but indicated he might pay more after a group that includes UAL’s management and pilots union on Friday topped Davis’ bid with a $300-a-share offer.
The bid by the labor-management alliance has financial backing from British Airways PLC. The newspaper did not specify which foreign carriers Davis may be seeking to enlist in his takeover proposal.
UAL has said its board of directors will form a committee to review the bids for the company.
Federal aviation regulators reportedly are concerned with the involvement of foreign entities in takeovers of U.S. airlines. Government authorities are expected to closely examine proposed acquisitions that include non-U.S. backers.
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