Flybe shares plummet as Virgin-led consortium beefs up takeover bid

Flybe shares nosedive again as investors discover they will not be able to vote on the deal.

Flybe shares plunged as shareholders heard they will not be able to vote on a revised bid for the company from a consortium led by Virgin.

Virgin Atlantic, US company Cyrus Capital and the Stobart group offered a £2.8m bid for both Flybe Limited and Flybe.com, according to City AM.

It was recommended on Friday that shareholders accept a £2.2m offer for the group, but shares plummeted by 32% to 2.4p as it was revealed that investors won’t get to vote on the deal.

When Flybe transfers to a standard listing on 17 January, the company’s shareholders will not be able to vote on the divestment.

Meanwhile, United Continental offered some cheer for the airline sector as shares in the carrier rose after the company increased its Q4 expectations and offered an upbeat outlook for 2019 earnings.

United shares shot up 5.6% after closing up 1.6% on Tuesday.

For more features and breaking news sign up to C&IT Magazine's daily Newstracker here.  

Have you registered with us yet?

Register now to enjoy more articles
and free email bulletins.

Register now
Already registered?
Sign in
London venues hosted 37% more events in 2018

London venues hosted 37% more events in 2018

Year-on-year increase from Unique Venues of London shows strong demand for events in the capital.

Why you should design human-centric experiences

Why you should design human-centric experiences

At EMEC19 in The Hague, Kim Myhre of MCI Experience gave an insightful talk on design-thinking in events.

New event producer for HGA

New event producer for HGA

Becky Jones-Williams has previously worked at Event Concept and will work for clients in a range of sectors.

Stagestruck adds event producer to team

Stagestruck adds event producer to team

Sarah Saward is joining the business as a group account director, with responsibility for a portfolio of blue-chip clients.

Incentive review: Club Med Plantation d'Albion

Incentive review: Club Med Plantation d'Albion

With dinner and champagne on a paradise beach, the white sands and the turquoise coral sea ocean of Mauritius are hard to beat.

Premier Events acquires Collective Minds

Premier Events acquires Collective Minds

Acquisition of Leicester-based events agency is part of growth plan to reach £5m turnover and 50 staff.

3 reasons to run wellness incentives

3 reasons to run wellness incentives

Endellion King, incentives account director at Top Banana, makes the business case for incorporating wellness into incentives.

'Procurement and events teams work best when they swap notes'

'Procurement and events teams work best when they swap notes'

Global procurement director of Knect365 Hetal Dassani talks to C&IT about how planners can build bridges for better buying.

ILEA members reveal 'shock' over Fyre Festival failings

ILEA members reveal 'shock' over Fyre Festival failings

Members of the International Live Events Association (ILEA) give their verdict on the event planning disaster of 2017, the Fyre Festival.

Case study: MAN's Apprentice of the Year Awards

Case study: MAN's Apprentice of the Year Awards

Venues and Events International organised an awards ceremony at Liverpool Football Club.

LATEST JOBS