ASTAR withdraws indication of interest for ABX Air
John Dasburg, the Chairman, President and Chief Executive Officer of ASTAR Air Cargo Holdings, LLC sent the following letter to the board of directors of ABX Air, Inc. in response to a letter received on July 24, 2007 from Joseph C. Hete, President and Chief Executive Officer of ABX Air:
July 25, 2007
ABX Air, Inc. Board of Directors
c/o W. Joseph Payne, Secretary
145 Hunter Drive
Wilmington, Ohio 45177
Gentlemen:
On July 24, 2007, Joseph Hete informed me that ABX Air’s board of directors and management, having consulted with its advisors regarding ASTAR’s USD 7.75 per share indication of interest, have determined not to proceed.
ASTAR believes that the USD 7.75 per share amount reflects a full and fair price and is generous to the shareholders of ABX Air in the absence of a transaction with ASTAR. In light of your response, as reported in Mr. Hete’s letter, our board of directors has unanimously determined to pursue other alternatives and we are, therefore, withdrawing our indication of interest.
Very truly yours,
John H. Dasburg
