TRUMP DROPS AIRLINE BID
NEW YORK — Donald Trump scrapped his proposed $7 billion offer for AMR Corporation Monday but said he was still considering making a lower bid for the parent of American Airlines. ``I am currently reviewing all my options,'' the New York-based developer said in a letter to AMR chairman Robert Crandall.
Mr. Trump sent the letter as AMR's stock dropped $16.88 a share to $81.75 on the New York Stock Exchange Monday in the first few hours of trading. Trump had offered to buy AMR for $120 a share.
Trump's proposed bid was announced Oct. 5 but never formally presented to stockholders.