This is what happened to Flybe..29 Feb 2024 20:58
On 15 January the consortium of Virgin, Stobart and Cyrus Capital Partners – named Connect Airways – made a bid of just £2.2m. The offer valued each share at only 1p, compared with a prevailing price of 16p and a peak valuation of £2.95 shortly after Flybe’s flotation in 2010.
Flybe’s board accepted the offer and Connect Airways pumped £10m into Flybe to keep it running – 10 days later, Flybe drew down on another £5m.
So everyone expected a good bid and the bid landed at 1p not the 16p share price at the time! GLA