reflect the long-term opportunity inherent in its strategic growth plan. The company also has reiterated that its strategic business plan will offer superior value to shareholders by capitalizing on current industry conditions while remaining true to Midwest's commitment to customer service excellence. On January 11, 2007, AirTran Holdings increased its bid for Midwest to $345 million in cash and stock, an 18% increase from their previous offer. On April 2, 2007, AirTran again raised its bid for Midwest to $389 million in cash and stock ($9 in cash and .5842 shares of AirTran stock totaling $15 a share). CEO Joe Leonard stated that this would be AirTran's final bid. In May 2007, an independent securities expert William McGinnis, CFA, published an analysis of board of directors responsibilities related to hostile takeover offers. He utilized the AirTran offers for Midwest Airlines as the basis for this case study which is available here. AirTran was successful in having its slate of 3 board members elected to the Midwest Air Group's board of directors in the election on June 14, 2007 at the Midwest annual meeting. On August 12, 2007, it was announced that AirTran had lost the bid for Midwest. A private equity group, headed by TPG Capital and including Northwest Airlines, had purchased Midwest and will turn the airline into a privately funded company. On August 14, 2007, it was announced that AirTran had renewed their bid for Midwest at a price slightly above that of the TPG Capital offer, in theory at the request of Midwest shareholders. Pequot Capital Management, which owns 8.8% of Midwest, had been unhappy with the TPG Capital offer, as they felt that AirTran's cash and stock offer would result in greater gains because they felt AirTran's stock would rise in value once the acquisition of Midwest was completed. An executive at another unnamed investment group also expressed similar misgivings about the TPG Capital offer. TPG Capital's offer had been $16/share in cash, where AirTran's latest offer is $10 cash plus 0.6056 share of AirTran stock for each share of Midwest, which at the close of trading on August 13 made the value of AirTran's new offer approximately $16.25/share in cash and stock. However, Midwest announced TPG would increase its offer to $17 per share and a definitive agreement had been reached on August 16, 2007. Acquisition by Southwest Airlines On September 27, 2010, Southwest Airlines