Delta Air Lines has moved forward with a cash tender offer to acquire up to an additional 32% of Grupo Aeromexico’s outstanding shares.
Delta said it is offering MXN53 ($2.60) per share. That is higher than the tender price of MXN43.59 per share Delta had said in 2015 it planned to offer for the shares, though the US dollar figure ($2.60) remains the same. ATW calculated that acquiring 32% of Aeromexico’s outstanding shares at MXN53 per share will cost Delta about $590 million.
Atlanta-based Delta acquired a 4.17% stake in Mexico City-based Aeromexico for $65 million in 2012.