Top > Business > 2004 > September > 2004-09-28

CVC considers takeover offer for Skywest Ltd fair and reasonable

Shareholders had been advised that PriceWaterhouseCoopers (PWC), an independent expert, had recently concluded that the CVC offer was reasonable but not fair. This conclusion was based on information that CVC considers is now outdated. Skywest has advised certain downgrades in its financial expectations that could lead an independent expert report to alter its conclusion.

CVC considers that its offer is even more attractive given that Skywest has advised its shareholders today that it intends to issue even more shares in a rights issue and placement. CVCs Managing Director Jeff Chatfield said Once again Skywest is attempting to raise more money from shareholders, without any guarantee of an exit. Skywest shareholders must consider the fact that CVCs bid is unconditional and when they accept they will be paid quickly.