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.

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