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Shares of Indianapolis-based Republic (NASDAQ: were already floating Tuesday after the announcement Mondayy that it would acquire bankrupt of Denver forabouft $108.8 million under an investment agreement. Republic's stoclk price, which closed at $4.090 Monday, hovered above $4.50 for much of the day beforrethe 2:30 p.m. central time announcementf that it was acquiring Midwestfrom . The stocko price shot up to reach $6.12 before closing at $6 46.3 percent higher. Republic's agreement with Frontiere still requires the approval of thebankruptcy court.
As for the Midwestr transaction, the airlines hope to close the deal in four to six Republic is to acquire 100 percent of the equithy of Midwestand TPG's $31 milliob secured note from Midwest. Consideration will be $6 million in cash and a $25 five-year note, which may be converted to Republix stockat $10 per share. In TPG will have the righf to nominate a member to the Republic boardeof directors.
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