RE: Rival Offer19 Feb 2019 19:56
One insider said on Tuesday night that the Mesa Air and Bateleur Capital proposal had been given indicative support by Hosking Partners and businessman Andrew Tinkler, ?who between them control just over 30% of Flybe.
Under the plan, Flybe would remain listed on the London Stock Exchange.
The emergence of? the rival proposal comes just three days before the sale of Flybe's operating assets to Connect Airways - the consortium comprising Virgin Atlantic, Stobart Group and Cyrus Capital.
It is the latest twist in a cut-price takeover saga that has gripped the City in recent weeks.
Hosking Partners, which owns 19% of Flybe, has expressed fury at its board's decision to recommend Connect Airways' 1p-a-share offer for the holding company while selling its main assets in a separate deal worth just £2.8m.
The latter transaction, which does not require shareholder approval, is due to take place on Friday, meaning Mr Laffin and his colleagues will have to decide as a matter of urgency whether the recapitalisation proposal has sufficient certainty to ?justify switching its backing.
?Hosking has nominated Eric Kohn, an experienced aviation financier, to join Flybe's board as a new independent chairman, with an extraordinary shareholder meeting likely to be scheduled for the next few weeks.