US Airways — Delta Air Lines — Merger or Acquisition (January 2007)
7 slides from US Airways's merger presentation, Jan 10, 2007
Slide 1: US Airways Group, Inc. Revised Proposal
US Airways Group, Inc. Revised Proposal January 10, 2007
Slide 2: Forward-looking statements
Certain of the statements contained herein should be considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by words such as "may," "will," "expect," "intend," "indicate," "anticipate," "b
Slide 3: Revised Proposal
Revised Proposal Revised proposal to Delta's unsecured creditors $5.0 billion of cash 89.5 million shares of US Airways stock Valuation Applying Delta's methodology and assumptions: $12.7 to 15.4 billion Current market value: Approximately $10.2 billion(a) Committed financing of $8.2 billion from Ci
Slide 4: Comparison of Original and Revised Proposals
Comparison of Original and Revised Proposals (a) Based on fully diluted US Airways shares. (b) Subject to commencement of due diligence, filing of HSR and postponement of February 7th Disclosure Statement hearing. (in millions) Original Revised Proposal Proposal Cash $4,000 $5,000 Number of Shares 7
Slide 5: Valuation Using Delta Methodology
(a) Delta's asserted valuation analysis excludes reduction in value related to Delta management equity incentive packages. Based on Delta's Disclosure Statement. (b) Figures represent total value available to Delta's unsecured creditors. Applies same valuation methodology and assumptions as describe
Slide 6: US Airways' Revised Proposal is Superior to Delta's Standalone
US Airways' Revised Proposal is Superior to Delta's Standalone Note: Delta standalone lease-adjusted net debt based on balance sheet as of the assumed Effective Date of April 30, 2007 per Delta's Disclosure Statement. Note: Delta's 2007 and 2008 estimated EBITDAR of $2,847 million and $3,457 million
Slide 7: Additional Information
Additional Information Subject to future developments, US Airways Group may file with the United States Securities and Exchange Commission a registration statement to register the US Airways Group shares which would be issued in the proposed transaction and/or a proxy statement with respect to the p
Delta Air Lines — Merger or Acquisition (January 2007) on 6ix