Continental is trying to put to rest the expectations that they will merge with another airline to reposition against Delta and Northwest. Continental's Chairman and CEO, Larry Kellner released the following message to their 45,000 employees:
Dear Co-worker,
We want you to know that our Board of Directors met today and has unanimously supported management’s recommendation that, in the current industry environment, the best course for Continental is to not merge with another airline at this time.
Our recommendation, and the Board’s careful and considered decision, followed a comprehensive review of our strategic alternatives, assisted by our senior officers and advised by Continental’s outside financial and legal advisors. The Board very carefully considered all the risks and benefits of a merger with another airline, and determined that the risks of a merger at this time outweigh the potential rewards, as compared to Continental’s prospects on a standalone basis.
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