Official Press Release & Analysis
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Oceanic Airlines to be Acquired
July 3, 2006, APs - U.S. government regulators have approved the planned acquisition of Oceanic Airlines by the Hanso Foundation. The deal represents one of the larger acquisitions a publicly traded company by a private company in recent history.
The deal would not violate American antitrust laws, according to filings on Wednesday from the U.S. Department of Justice and the U.S. Federal Trade Commission.
That means the deal is still on track to gain full acceptance by July 24, an unusually quick 3 week acquisition after approval, said Hanso Foundation spokesman Hugh McIntyre.
Together, the merged companies hope to offer the broadest telephony portfolio in the industry, allowing it to beat its competitors in the race to provide next-generation flight safety and comfort to travellers, McIntyre said.
Before it earns final approval, the deal must survive a vote by Oceanic Airlines shareholders at a special meeting on July 7. With Oceanic Stocks so depressed the shareholders are expected to jump at a buyout oppurtunity.
Finally, the deal needs approval by the Committee on Foreign Investment in the United States and the European Union.
If it goes through, the companies have agreed that HansoAir will become the new name of Oceanic Airlines, and move the corporate headquarters into the Hanso Foundation.
The merged companies will resuscitate the defunct airline and travel company, according to an Oceanic Airlines U.S. Securities and Exchange Commission filing.
Oceanic Airlines to be Acquired
July 4, 2006, APs - Oceanic Airlines stock soared this morning after last nights announcement that the HansoAir Foundation would wholey acquire floundering Oceanic Airlines.
Stockholders flocked to Oceanic Airlines shares not to gain ownership of Hanso Foundation stock, but rather to simply buy a low value stock and sell at a high buyout price when the Hanso Foundation acquires every outstanding stock option to complete the acquisition deal. Shareholders will vote on the sale price of the stock on July 7. The Hanso Foundation is not publically traded.
For more information on Oceanic Airlines, the Hanso Foundation, and your travel plans - follow the links given.
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