Tennenbaum Offers Buyout of Great Lakes

Tennenbaum & Co., a money manager with a 9.9% stake in Great Lakes Aviation Ltd., offered to buy the rest of the regional commuter airline for $4 a share in “cash and securities.” The Los Angeles-based asset manager made the bid in a letter to Great Lakes, disclosed in a filing with the Securities and Exchange Commission. The investor group holds 858,400 shares, valuing its bid for the remaining 7.8 million outstanding at about $31.2 million. Shares rose 75 cents to close at $2.25 on the Nasdaq Small-Cap Market. Cheyenne, Wyo.-based Great Lakes operates as United Express. The company was not immediately available for comment.