Four proxy advisers have recommended that Midwest Air Group Inc.'s shareholders approve the airline's sale to a private equity firm.
The Milwaukee-based operator of Midwest Airlines made the announcement Wednesday, just ahead of a shareholder meeting next Tuesday to approve the deal, valued at about $450 million in cash.
Midwest agreed in August to be bought by private equity firm TPG Capital for $17 a share in cash. The buying group includes Northwest Airlines Corp. as a passive investor. The deal, which is expected to be completed before the end of the year, also is subject to antitrust approval.
Meanwhile, Midwest today reported that it fell to a loss in the third-quarter, dragged down by surging costs, including fuel and labor, that outpaced revenue growth.
Midwest posted a loss of $3.9 million, or 15 cents per share, compared with a profit of $1.7 million, or 9 cents per share, a year earlier, even though revenues rose 20 percent to $202.6 million from $168.6 million, driven by gains in passenger and other service as cargo revenue declined.
Utility customers urged to seek assistance now
Residents should take advantage of energy-efficiency programs and the state's low-income bill payment assistance programs to reduce the burden of their utility bills this winter, the state Department of Administration's Division of Energy Services and the Public Service Commission said today.
For home energy audits and tips on saving energy around the home, call Focus on Energy at 800-762-7077 or go to http://focusonenergy.com.
Those seeking financial assistance should contact the Wisconsin Home Energy Assistance Program at 866-432-8947 or www.homeenergyplus.wi.gov.
The agencies also advised energy customers to contact their local utility if their heat is currently disconnected.
Wisconsin law states that consumers cannot be disconnected during the heating moratorium period from Nov. 1 to April 15, if they are connected at the start of the moratorium. Customers who are currently disconnected must make arrangements with their local utility to pay outstanding bills in order to have their service restored.
Locally, Alliant Energy can be reached at 800-862-6222 and Madison Gas & Electric at 252-7144.
BRIEFLY
* Unadjusted for seasonal changes, Madison's unemployment rate hit 3.5 percent in September, up from 3.1 percent a year ago, while Dane County's rate of 3.4 percent was up from 3.0 percent a year ago, state labor officials reported. Both rates were the lowest in Wisconsin.
* Thermo Fisher Scientific Inc., which has about 450 employees at its Fitchburg-based unit, today reported a sharply higher third-quarter profit that slightly beat Wall Street expectations, and the maker of scientific instruments and laboratory supplies raised its financial expectations for the full year.
* Madison-based Sonic Foundry Inc. has been named one of Deloitte's 2007 Technology Fast 500, a ranking of the 500 fastest-growing technology, media and entertainment, telecommunications and life sciences companies in the U.S. and Canada. Sonic made the list in 2000, 2001 and 2002. After changing its business following the dot-com bust, it returned to the list this year based on its 1,363 percent revenue growth over the past five years.
* Gov. Jim Doyle announced the availability of additional reemployment services for all workers of Fiskars Brands Garden & Outdoor Living Division in Sauk City - including on-site leased workers from QualiTemps of Baraboo - who became totally or partially separated from employment on or after Oct. 3, 2006.
