SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: November 13, 1995
(Date of earliest event reported)
UAL CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 1-6033 36-2675207
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
1200 Algonquin Road, Elk Grove Township, Illinois 60007
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (708) 952-4000
Not Applicable
(Former name or former address, if changed since last report)
ITEM 5. OTHER EVENTS.
UAL Corporation (the "Company") is filing herewith a press
release dated November 13, 1995 as Exhibit 99.1 which is
incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
Exhibit No. Description
99.1 Press Release
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.
UAL CORPORATION
By: /s/ Douglas A. Hacker
Name: Douglas A. Hacker
Title: Senior Vice President - Finance
Dated: November 13, 1995
EXHIBIT INDEX
Exhibit
Number Description
99.1 Press Release
Exhibit 99.1
FOR IMMEDIATE RELEASE
UAL CORPORATION CEASES ACQUISITION TALKS WITH USAIR
CHICAGO, November 13, 1995 -- UAL Corporation today announced
it has ceased exploratory discussions with USAir about the
possibility of acquiring that carrier and folding its routes and
operations into those of United Airlines.
"Although our confidentiality agreement with USAir prevents us
from disclosing the details of today's decision, I can say that
based on our assessment, we did not believe a transaction that met
our requirements was achievable," said Gerald Greenwald, chairman
and chief executive officer of UAL Corporation and its subsidiary,
United Airlines. "While our study confirmed a transaction would
have significant revenue benefits from increased customer choice,
we were disappointed we were unable to satisfy all of the criteria
we set for a potential transaction," he added.
The decision was made at UAL's board of directors meeting
today and followed a careful, month-and-a-half-long examination of
all factors, as well as consultations with United's employees and
USAir management and employees.
Greenwald said UAL was guided by four basic principles in
deciding whether to pursue a transaction. First, prospects for
UAL's stockholder value must be substantially higher than current
expectations. Second, UAL must remain on course to earn an
"investment grade" credit rating. Third, the acquisition and its
terms must be supported by United's employee owners. And fourth,
the employee-ownership percentage must be maintained.
Greenwald also said that in the months ahead, UAL will
continue to evaluate all strategic business initiatives to
accelerate progress towards achieving the company's goal
of becoming the global airline of choice.