Texas Air boosted its offer for Continental shares.

Texas Air already owns 72.5% of Continental, which it intends to make a wholly owned subsidiary. The Texas holding company, which had previously said it would pay $14.75 in senior notes for each share of Continental stock, raised the offer to $15.20 in cash for the portion of Continental's 25 million common shares that it does not own. Texas Air's level of ownership in Continental has fluctuated in the last 3 1/2 years and has stood as high as 81%.

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