Major Flybe shareholder seeks legal advice on Connect’s Flybe takeover, seeks to block bid

    Hosking Partners, a 19% shareholder in Flybe, reportedly expressed concern over Connect Airways’ proposed takeover of Flybe (City AM/Sky News, 19-Jan-2019). Hosking Partners has instructed lawyers to assess its options ahead of Connect Airways’s takeover, with the possibility of seeking an injunction to block the sale. As previously reported by CAPA, Connect Airways agreed to purchase all of Flybe’s issued and to be issued share capital for GBP2.8 million (equivalent of GBP0.01 per share), and will also provide a bridge facility of up to GBP20 million to the airline to support continued operations. Connect Airways is a consortium consisting of Virgin AtlanticStobart Group and Cyrus Capital.