UAL Proposes to Sell Employees 20% of...
From Times Staff and Wire Reports
UAL Proposes to Sell Employees 20% of Stock: Two days after rejecting an employee-led buyout, UAL Corp. proposed letting individual staff buy up to a fifth of the company’s stock at 15% below market price, the carrier’s three main unions said. United Employee Acquisition Corp., the buyout group whose $3.4-billion bid was thwarted this week, dismissed the stock purchase program. “It is ironic that UAL proposes to sell 20% of its stock to its employees at a discount only two days after rejecting our offer to buy all of the stock at a significant premium above the current market price,” the unions said in a statement.
