Scott Dyer [HPN/NY]
(Top Gun)
11/15/06 09:26 AM
USAir to Buy Delta?

Don -- Looks to me like it is only $4 billion in cash, the rest in stock.
The stock value no doubt benefits from the appreciation since the AWA
transaction. From the investor presentation I've seen, the cash is fully
financed (in addition to a refi of some existing debt).



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