“Troubled Exeter-based regional airline Flybe has snubbed a rival rescue proposal from investors including US airline Mesa Air Group and backed by former Stobart boss Andrew Tinkler.
Shares in Flybe more than doubled to 2.9p as it confirmed the “highly conditional” approach from a consortium including Mesa Airlines of Arizona and South African hedge fund Bateleur Capital.
But Flybe said it “does not believe that the indicative proposal is executable in the timeframe required to enable Flybe to continue to trade”.
It added it continues to back the existing takeover by the Connect Airways consortium – which consists of Sir Richard Branson’s Virgin Atlantic, Stobart Group and investment firm Cyrus Capital – as the “only viable option available to the company which provides the security that the business needs to continue to trade successfully”.
East Devon Watch 