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Flybe plummets on £2.8m takeover offer

Flybe plummets on £2.8m takeover offer

Flybe (FLYB) lost almost 93 per cent of its market value after a consortium of bidders made a £2.8m bid for the ailing airline, equivalent to just 1p a share. The offer has been made by Connect Airways – a newly formed joint venture between Stobart Group (STOB), Virgin Atlantic and US-based Cyprus Capital Partners via DLP Holdings. The bid represents a dramatic discount to the 16.4p at which Flybe’s shares had closed trading the day before the offer was announced. In November 2018, the UK airline put itself up for sale in the hope that a buyer could come to the rescue of its financial woes.

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