Astar sets deadline on ABX bid
Air freight service company Astar Air Cargo Holdings LLC said today it will withdraw its acquisition proposal for cargo airline ABX Air Inc. if the suitor does not receive a response by July 18.
On June 26, Miami-based Astar offered to acquire all outstanding shares of Wilmington, Ohio-based ABX for USD 7.75 per share. ABX Air said the proposal is an indication of interest and not a formal bid.
Both Astar and ABX Air have operating agreements with global express delivery and logistics company DHL and both companies maintain air cargo hub operations in Wilmington. The combined company would have a combined employment of about 10,000 and operate a fleet of more than 140 aircraft.
