Ueberroth, Talbot to Buy Hawaiian Airlines Parent Firm
Advancing a step in their proposed acquisition of Hawaiian Airlines, Peter V. Ueberroth and Newport Beach developer J. Thomas Talbot have signed a definitive agreement to buy the airliner’s parent company, HAL Inc., for $22 a share.
The investment group headed by Ueberroth and Talbot is offering to buy all the stock of HAL Inc. but needs 51% to complete the transaction. That simple majority--nearly 1.25 million shares--would cost $27.4 million.
HAL Chairman John H. Magoon Jr., who owns 56.9% of the company’s stock, has agreed to tender 1.1 million shares.
The definitive agreement, already approved by HAL’s directors, is subject to approval by government agencies, the company’s shareholders and the airline’s unions. HAL has scheduled a stockholders meeting for Oct. 19 to obtain the required shareholder approval.
Hawaiian Airlines, Hawaii’s largest inter-island airline, also serves Los Angeles, San Francisco, Seattle, Anchorage, Las Vegas, Australia, New Zealand, Guam and other South Pacific islands.
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