Flybe rejects attempt to disrupt Virgin takeover
Flybe has rejected a proposal from investors including a US airline and a hedge fund to replace its current takeover deal. In January Flybe accepted a 1p-a-share takeover from Connect Airways, a consortium including Virgin Atlantic and Stobart Air, involving a divestment of assets due by Friday Feb 22. The deal valued Flybe’s equity at GBP2.2m and included working capital of GBP20m. Mesa Airlines of Arizona and New York-based Bateleur Capital would make a capital injection of GBP65m at 4.5p a share. Flybe, which has drawn GBP15m in working capital from Connect, said: “It continues to regard the arrangements entered into with Connect Airways as being the only viable option available to the company which provides the security that the business needs to continue to trade successfully.” <br/>
https://portal.staralliance.com/cms/news/hot-topics/2019-02-21/unaligned/flybe-rejects-attempt-to-disrupt-virgin-takeover
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Flybe rejects attempt to disrupt Virgin takeover
Flybe has rejected a proposal from investors including a US airline and a hedge fund to replace its current takeover deal. In January Flybe accepted a 1p-a-share takeover from Connect Airways, a consortium including Virgin Atlantic and Stobart Air, involving a divestment of assets due by Friday Feb 22. The deal valued Flybe’s equity at GBP2.2m and included working capital of GBP20m. Mesa Airlines of Arizona and New York-based Bateleur Capital would make a capital injection of GBP65m at 4.5p a share. Flybe, which has drawn GBP15m in working capital from Connect, said: “It continues to regard the arrangements entered into with Connect Airways as being the only viable option available to the company which provides the security that the business needs to continue to trade successfully.” <br/>
