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Texas Air has again offered to acquire TWA.

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The two companies said that, if financier Carl C. Icahn fails to complete his acquisition of Trans World Airlines, Texas Air Corp. will institute an all-cash offer valued at more than $700 million, or $22 a share. The statement came one week after Wall Street sources disclosed that Icahn is having trouble assembling financing to purchase the 48% of the financially troubled airline that he does not already own. The purchase was to have been completed by Dec. 1.

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