People Express Rejects Offer
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Associated Press
NEWARK, N.J. — Texas Air Corp. said today that its $235.8-million offer for People Express Inc., parent of troubled People Express Airlines, was rejected by the board of the upstart no-frills carrier.
Confirming for the first time that it had made the offer, Texas Air said it ended discussions over the possible acquisition of the Newark-based airline, which revolutionized the business five years ago with the concept of uniformly cheap fares.
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