Shares in Skywest, the Australian and South East Asia regional airline, rocketed after the firm announced that it has received an offer from Virgin Australia to acquire its entire issued share capital.
Virgin Australia plans to offer Skywest shareholders AUS$0.225 cash and 0.530 Virgin Australia shares for every one Skywest share. Based on Virgin Australia's closing price on October 29th, this equates to AUD$0.4688 per Skywest share.
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