Skywest bid update

Western Australian regional airline Skywest Ltd has received a bidder's statement from its majority owner, Singapore-based CaptiveVision Capital Ltd, as part of its move to fully acquire the company.

On May 16, Skywest's majority shareholder, Singapore based Advent Air Ltd, announced its intention to make an off market offer for the remaining 40 per cent of shares it does not already own.

Independent directors Grant Pitman and Eddia Cianciosi released a statement to the Australian stock exchange today, indicating that they would be assessing the already released bidder's statement, issued by Advent subsidiary CaptiveVision Capital Ltd, in detail and prepare a comprehensive response in the form of a Skywest target's statement.

"The target's statement will also contain a report from an independent expert, commenting on whether the offer is fair and reasonable. Skywest has engaged PKF Corporate Advisory Services (WA) Pty Ltd to prepare the independent expert's report.

"Shareholders are advised to take no action in relation to CVC's takeover offer or any document received from CVC until they recieve the formal recommendation of the independent directors and the Target's Statement," the statement said.

The current offer is for 22.7c and .4 shares in Advent for every ordinary Skywest share. The company indicated in May that investment companies ChinaBridge Investment Ltd and China Xpress Ltd, which own 10 million and 13 million shares respectively, would be prepared to sell them to CVC in the absence of a better offer.