World Air Holdings to be acquired by Global Aero Logistics

World Air Holdings to be acquired by Global Aero Logistics World Air Holdings Inc. said it has entered into an agreement to be acquired by Global Aero Logistics Inc. for $315 million in an all-cash transaction.
   MatlinPatterson Global Opportunities Partners II is the majority shareholder of Global Aero Logistics Inc., which owns ATA Airlines.
   As a result of the transaction, Global Aero Logistics will operate three independent airlines under one umbrella: World Airways, North American Airlines and ATA Airlines.
   Under the terms of the agreement, World Air Holdings shareholders will receive $12.50 in cash for each share of World Air Holdings common stock they own, representing a premium of 56 percent over the company’s average closing price.
   “We believe it is in the best interests of our shareholders to approve this transaction,” said Ronald Fogleman, World Air Holdings chairman.
   The transaction is subject to the approval of World Air Holdings shareholders at a special meeting to vote on the transaction, and to obtaining required regulatory approvals and satisfying customary closing conditions. The transaction is expected to be finalized during the third quarter. World Air Holdings Inc. is based in Peachtree City, Ga.