TWA Offers to Buy USAir
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Associated Press
NEWARK, N.J. — Trans World Airlines stunned competitors today by offering $1.4-billion cash to buy USAir Group Inc., throwing into question USAir’s own $1.65-billion offer to buy Piedmont Aviation Inc.
TWA Chairman Carl C. Icahn, a well known takeover strategist who bought TWA last year, also expressed interest in discussing a combination of all three airlines, which are among the 10 largest in the nation. The TWA announcement sent USAir’s stock up $5.87 1/2 to $49.62 1/2.
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