In a surprise move, SkyWest Inc. made an unsolicited bid to acquire financially beleaguered ExpressJet Holdings Inc. and revealed that it had negotiated a capacity purchase agreement with Continental Airlines contingent on the acquisition taking place. ExpressJet Holdings announced Friday that it had rejected SkyWest's offer of $3.50 a share in cash, which represented a 67% premium over the April 24 closing price of $2.09 per share. It called the offer an "opportunistic attempt to acquire ...

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