Midwest turns to all-cash suitor after rejecting AirTran bid

MILWAUKEE -- AirTran, based in Orlando, had offered $15.75 a share, a price that spokesman Tad Hutcheson said made the equity value of the transaction in excess of $431 million based on Friday's closing price of AirTran stock.

Midwest and TGP expect to reach a definitive merger agreement no later than Wednesday, Midwest said in a statement.