First, let me point you to a couple of posts about the announced sale of Midwest from two blogs on my blogroll: From Where I Sit and No Runny Eggs (both of which are worth a read). Long story short, TPG Capital of Texas (which Northwest Airlines holds a minority stake in) has agreed to purchase Midwest Airlines for $17 per share, all cash, which beats AirTran's last offer of $16.25 cash and stock, which itself was a response to TPG's offer of $16 all cash.
So here's my thing: after two years trying, multiple attempts, and voting three people onto Midwest's board, do we really think that AirTran is just going to take this lying down? Granted, the proposed buyout must first past federal scrutiny (anti-trust laws may come into play), but still... after all that time and effort, AirTran is just giving up? Why do I get the feeling that there is more to this than meets the eye? I really do think that we haven't heard the last of AirTran's buyout attempt.