On the merger front, AirTran Holdings, the parent of AirTran Airlines, which serves long- and short-haul markets, primarily in the eastern U.S., announced in December a hostile takeover for another low-cost carrier, Midwest Air Group.

FORBES: Magazine Article

On the merger front, AirTran Holdings (nyse: AAI - news - people ), the parent of AirTran Airlines, which serves long- and short-haul markets, primarily in the eastern U.S., announced in December a hostile takeover for another low-cost carrier, Midwest Air Group (amex: MEH - news - people ).

FORBES: The Friendly Skies

Another ugly scenario: Microsoft could refuse to raise its bid and press for a hostile takeover.

FORBES: Chief Executive Jerry Yang