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.