Shares in regional airline fall 90% after consortium led by Virgin offers cut-price deal
Flybe has recommended shareholders accept a cut-price £2.2m takeover offer from a consortium led by Virgin Atlantic, after the regional airline struggled with rising fuel costs, currency volatility and political uncertainty.
Virgin, part-owned by the billionaire Sir Richard Branson, has banded together for the deal with the infrastructure firm Stobart Group and the investment house Cyrus to form a joint venture, Connect Airways.
Related: Flybe – buffeted by fuel prices and weak pound – goes up for sale
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