AirTran Holdings yesterday launched an exchange offer for shares of Midwest Air Group, announcing it would pay $13.25 including $6.25 in cash and 0.5884 shares of AirTran stock for each outstanding Midwest share. The new offer values the Milwaukee-based parent of Midwest Airlines at $345 million and represents an 18% hike compared to AirTran's previous offer of $11.25 per share or $290 million. "We made it pretty clear when we put our offer out that we weren't going to go away," AirTran CEO ...

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