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UAL Corp. said Thursday its board did not consider a new buyout offer from employees a legitimate takeover proposal and that it would continue to weigh plans to recapitalize. But the Chicago-based parent of United Airlines also said it would consider any offer made by United's union employees or any third party.

UAL shares slipped $3 to close at $158.50 Thursday. Traders said the stock was likely to lose more ground Friday because of the apparent lack of progress toward either a buyout or a recapitalization.

UAL also said Thursday that fourth-quarter earnings fell 67 percent to $6.8 million from $20.9 million in the year-ago period, reflecting high fuel costs and weak demand. Revenues rose to $2.4 billion from $2.2 billion a year ago.

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