Local News

Midway Airlines Receives Buyout Offer

Posted November 7, 1999 6:00 a.m. EST

— Cary-basedMidway Airlineshas received a buyout offer from two major stockholders.

James Goodnight and John Sall, who rescued Midway from bankruptcy a few years ago, say they will offer $8 a share for the 4.7 million shares outstanding.

Goodnight and Sall now own more than 47 percent of the stock. Midway's stock price was at $6.125 per share Friday.

Midway CEO Robert Ferguson says if the airline board approves the buyout Thursday, Midway would become part of a new corporation set up by Goodnight and Sall.

Ferguson also told WRAL-TV News he expects no change in Midway operations if the proposal is accepted.