Flybe snubs takeover proposal from US airline Mesa Air and hedge fund Bateleur Capital
Troubled airline Flybe has snubbed a rival takeover proposal from US airline Mesa Air Group and hedge fund Bateleur Capital, with support from Stobart Group former boss Andrew Tinkler.
In a brief statement Flybe, which in Ireland operates out of Dublin, Cork, Knock and Belfast, said it notes the recent media speculation and confirms that, yesterday, it received a preliminary and "highly conditional" outline contingency proposal from the group.
The airline said it does not believe that the proposal is executable in the timeframe required to enable Flybe to continue to trade.
It added that it continues to back the existing takeover by the Connect Airways consortium - which consists of Virgin Atlantic, Stobart Group and investment firm Cyrus Capital - as the "only viable option available to the company which provides the security that the business needs to continue to trade successfully".
(Additional reporting PA)