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AirTran Holdings Inc. has restated its net income for the first quarter and for 2006 after finding errors related to passenger revenues. AirTran's profit for the first quarter of 2007 was slashed about 12 percent to $2.2 million and its profit for 2006 was cut about 5 percent to $14.7 million.

AirTran Holdings Inc.'s tender offer to purchase all outstanding shares of rival air carrier Midwest Air Group Inc. expires at 12:00 midnight EDT on Friday. Orlando, Fla.-based AirTran Holdings, which operate AirTran Airways, has made a tender offer of $15 per Midwest share, valued at $389 million. AirTran management has repeatedly stated that it has no intention of extending the deadline.

Who is disappointed in the earnings change but sees nothing suspicious in the report, and notes that ending the tender offer to shareholders ends the hostile takeover but does not preclude a merger agreement...
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