SkyWest may withdraw offer to buy ExpressJet Holdings

SkyWest Inc. on Wednesday said it may change or withdraw its offer to buy ExpressJet Holdings Inc.

ExpressJet rejected a $3.50-a-share cash offer from SkyWest on April 25 that was 67 percent higher than ExpressJet's previous closing share price, calling the bid "opportunistic." ExpressJet has said it may be willing to have additional discussions about the bid, SkyWest said Wednesday in a statement.

St. George-based SkyWest's pursuit came as surging fuel prices weigh on profits and add pressure on carriers to combine.

SkyWest said Wednesday that its first-quarter net income fell 16 percent to $29.1 million, or 47 cents a share, from $34.8 million, or 53 cents, a year earlier. The commuter carrier also said it plans to repurchase an additional 5 million shares of its own stock.