P. M. BRIEFING - AMR Silent on Trump Buyout Bid
DALLAS —
AMR Corp. remained silent today on a $7-billion proposed buyout by New York developer Donald Trump amid reports the parent of American Airlines is seeking help from unions and billionaire Robert M. Bass.
In early trading today on the New York Stock Exchange, AMR was up $3.625 a share to $102.375, still well below the $120 per share offered by Trump, but it was the second straight day of an increase. On Thursday, AMR rose $1.625 to close at $98.75 as 1.6 million shares changed hands.
Financial analysts have said the stock will continue to trade far below the level of Trump’s offer until there is a significant move by either side.
The New York Times reported today that AMR Chairman Robert L. Crandall met with American’s pilots union about a possible employee-management buyout designed to fend off Trump’s offer. The buyout would include significant participation by the pilots union and the unions representing machinists and flight attendants at American, the paper said.
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