P.M. BRIEFING : Northwest Deal Called Completed
An investment group led by Los Angeles businessman Alfred Checchi said today it has successfully completed its tender offer for Northwest Airlines’ parent company.
Checchi’s group, Wings Holdings Inc., said its $121-a-share tender offer for the common stock of NWA Inc. expired at 5 p.m. EDT Wednesday.
“For all intents and purposes, the deal’s over,” said Checchi spokesman David Duffy. NWA agreed last month to be acquired by Wings for approximately $3.6 billion.
As of the expiration date, more than 22.6 million NWA shares had been delivered and more than 8.3 million shares had been tendered, Wings said. As of May 31, there were more than 29.4 million outstanding shares of NWA common stock.
Wings said it expects to merge NWA with a subsidiary of Wings shortly.