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. Last Updated: 07/27/2016

TWA Stock Spikes

ST. LOUIS, Missouri -- TWA stock jumped on word that Russia's Transaero airline and a New Jersey-based investment group were preparing a takeover bid of the troubled U.S. carrier.

TWA's stock was up $1 per share, or 16 percent, before retreating Thursday to gain only 31 1/4 cents to $6.4375 on the American Stock Exchange.

The investor group, headed by Strategic Capital Group and including Transaero, would take an ownership stake in TWA. The group is led by investor Brian Freeman.

However, TWA officials said Friday that its board of directors hasn't met with Freeman's group.

According to the Washington Post, Freeman has often served as an investment adviser to unions and was instrumental in putting together the deal that allowed the unions to purchase 30 percent of TWA.