ExpressJet rejects takeover offer from SkyWest

ExpressJet Holdings reported that a Special Committee composed of independent outside members of its Board of Directors has unanimously rejected a proposal from SkyWest to acquire the Company for $3.50 per share in cash. The Special Committee, which was formed to evaluate the SkyWest proposal, has commenced a full review of strategic and operational alternatives available to ExpressJet. The strategic review will include, among other options, immediately engaging in discussions with SkyWest and other potentially interested parties to evaluate a merger at a higher price, as well as entering into discussions with Continental Airlines, Inc. regarding a new capacity purchase agreement.