Flybe Takeover Rumours (FLYB)


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Either A. shareholders vote for the takeover and get 1p, or B, they don't and the company will get put into liquidation and shareholders can expect less than 1p.
Does the demise of BMI dilute buyer takeover interest in Flybe? It must surely present opportunities from BMI slots now available.
The boss of Heathrow has come out in support of the Virgin Atlantic-led rescue of Britain's biggest regional airline Flybe as the airline completed the sale of its operating companies to the consortium. John Holland-Kaye believes a cut-price takeover by Connect Airways, which also includes Southend Airport owner Stobart and US private equity firm Cyrus Capital "could be a really positive move". - Telegraph
Sorry to see ordinary shareholders take the losses whilst the cream of the assets have been sold off for another entity to profit from in the longterm. To think a takeover at 40p was rejected lastyear.... Cash
20-02-2019 This may be the reason why the SP is showing that the new takeover approach won’t be taken seriously.
Flybe rejects attempt to disrupt Virgin takeover - FT 9 minutes ago.
The Flybe board are in no mood to entertain this new approach. They have highlighted the conditionality and need for items like a prospectus which would take weeks to prepare and would need the full co-operation of the Flybe board. Hoskings and Tinkler need an injunction against the subsidiary sale completing and the Takeover Panel to allow them to take board control ahead of the new equity being issued to stand any chance. Possible I suppose but a long shot. Article on Comcast vs Sky bidding war above. Extract from the article below Comcast confirmed a higher takeover proposal for Sky in April, leading the broadcast to withdraw its recommendation for the Fox offer.) Sky’s independent directors have recommended shareholders back Comcast's current bid.
Ruthless credit card firms starved Flybe of £50m: Credit card companies are holding back more than £50million of customer payments from troubled airline Flybe, industry sources have told the Daily Mail. Flybe bosses claim being deprived of card payments was the key factor that pushed it to the brink of insolvency. The Mail can now reveal the full extent of that cash crunch that has forced Flybe to accept a controversial cut-price takeover by Connect Airways, a consortium of Virgin Atlantic, Southend airport owner Stobart and investment house Cyrus. £50m !!!!!!!
Minerve its a pendulum that will keep swinging. The final chapter is now being written. It has becomes a game of cat and mouse. BOD out manoeuvre the shareholders by inserting a clause in the sale contract. 2 major Shareholders out manoeuvre BOD by soliciting a better offer. BOD in the consortium corner. Shareholders now rely on City takeover rules.
All the demise/takeover of Flybe will create is higher prices for passengers, it is just not economic to fly people around the domestic route for tuppence ha’penny, as for BMI., I am staggered it has survived this long on so few passengers, could have carried those half million on five planes allowing even for maintenance!
what is the timetable for the takeover and any critical deadline date to sell please anyone!
I strongly believe that this has been planned for months. The positive statements made by the BOD after reporting in March that Stobart had withdrawn from making an approach to take over the company fooled so many private investors, including myself. Was the rumour of Stobarts offer of 40p correct or just a ruse? After the RNS stating that Stobart had withdrawn their approach, the BOD were still uttering positive statements. I took this as a sign of confidence and that the BOD believed the company was worth more than the rumoured 40p. In reality, surely, if offered 40p or more, the BOD had a responsibility to allow shareholders to vote on the takeover. So, who is responsible for the rumour of the 40p offer ???
08-02-2019 More in-depth news from the FT on the Flybe takeover and dispute with major shareholders
Utterly shameless this board of directors...unbelievable "Flybe chief could get a bumper £1m bonus - almost half what the budget airline is valued at" The chief executive of Flybe could pocket a bonus package worth almost half what the budget airline is valued at by a takeover bid. Christine Ourmieres-Widener, who took the reins at Flybe in January 2017, could be paid a bonus worth £1million this year – 250 per cent of her £400,000 salary. This means she could bag at most £1.4million in total.... etc Https://
I'm new to the discussion board, but have been following the Flybe debacle for some weeks as a shareholder. In trying to understand the timeline of events, I note from the Disclosure Table of the Takeover Panel that there is an entry dated 14 November for Flybe as Offeree, with the Connect Airways Ltd consortium as Offeror identified on 23 November. But according to Companies House, Connect Airways Ltd wasn't incorporated until 18 December. What does this mean in relation to the legality of the offer made for Flybe? Indeed the only relevant RNS issued by the BOD on 23 November was to identify Virgin as one of the parties involved in the negotiations, which could easily be interpreted as Virgin being one of a group of interested parties and not necessarily being part of a consortium. Something amiss here…..
02-02-2019 Small article in the DT . If bid fails to go through £170m of benefits to 1350 members will disappear. That’s serious amount of pension. Seems like a plant story by the consortium.
Mhin The consortium offered #2.2m for Flybe. The card acquirers hold Flybe #16.2m cash as collateral. No wonder the share price stubbornly above 1p since the takeover recommendation by the BOD. Mr Market knows better
The simple truth that Virgin & Stobart shared info without Flybe informing their shareholders or the takeover panel is evidence enough of malpractice. This will be investigated by the relevant authorities.
Good to see in the letter the point I mentioned earlier regarding Virgin and Stobart sharing info after signing NDA's, against takeover rules and completely disregarded by the Flybe Board.Time for the FCA and MMC to now act.
Clever takeover discussion is NOT an offer , it’s merely discussion as stated by the news release of 19th December . I can talk to you about buying your car at £5k but then on further investigation I find rust , gearbox problems and maybe HP debt on the car and my offer then is £1k . It’s only an offer when I make the offer and a deal when you accept it.
Whatsup32 The alleged 40p per share related to the initial takeover discussion between Flybe snd Stobart.
Minerve...let me repeat what you have previously said, albeit not in relation to Flybe "I would never rely on disclosures during takeovers being 100% fully confirmed. Many are not aware of their responsibilities to disclose and professionals forget to advise. In my experience it isn't policed that well. A company I founded - which was listed on the LSE - was subject to a takeover and I am convinced many disclosures which should have occured during that period didn't. The Takeover Panel were impotent IMO - I did make a complaint. Rather annoying considering I went to the effort when I had many other things to attend to at that time. I was well aware of major shareholders and their holdings. People simply don't bother to play the game fairly and they are ones that scream the loudest when they lose out." Lets hope Hoskings scream very loudly!
"Ultimately, Hosking’s threat to seek a potential injunction preventing the takeover might prove fruitless. But the pain being felt by Flybe’s long-suffering investors suggests that sparking a legal battle may be cathartic, if nothing else." Mark Kleinman is the city editor of Sky News Will Virgin, Stob and Cyrus walk, or is it too late?
Suppose you want to buy company for 1p but people are not selling their shares. What happens? Do the buyers have to buy for 6p? I mean the board can only recommend the takeover it cant force the shareholders to sell. Have the buyers got agreement from 50% of the shareholders or not? That is the question We know they have offered 1p. We know the company has accepted 1p. But what about the shareholders? Are 50% of them selling for 1p?
Minerve it's like pass the parcel. The people holding the shares when the music stops are probably not going to want to accept the offer for their own reasons unless the shares have dived below 1p in the meantime. Any current shareholder is not holding with a view to accepting the 1p offer. Bit naughty from Warwick Brady being forced to reveal a family member has 16,666 Flybe shares. You've got flagrant breaches of the Takeover Code going on and poor Warwick has been caught parking on a double yellow line. Haha
splatted. Sorry mate not buying it. PI’s had all the information. The takeover price was 1p. It was written in black on white , in capitals, in English. PI’s have only their greed and stupidity to blame.
Why are investors so THICK. Because it’s a penny share they somehow think it’s cheap. I have repeated several times over days there is normally 10% spread plus costs. And capitalisation was 6x takeover price. This is not a pound store.
a few hundred thousand is pittance to the likes of him , losing that just so he can upset storbart will in his mind be worth it. He can’t bid for Flybe , it requires minimum £100m just to cover the debt and then say another £40m for the takeover total £140m . For what , for a company that countinuesly loses money. It doesn’t make sense.
Would the company not be forced to put out a "no reason known for the rise" RNS in this scenario of a 600% rise from the formal takeover offer price? The fact they haven't means that the BOD must know of some reason?
Whatsup, I'm essentially agreeing with you. I understand most of the approaches the board have had were to pre-pack the business. The Virgin consortium was the only approach which was prepared to make a takeover offer for the shares which avoided administration and involved taking on the pension fund and other existing commitments. There is ongoing interest from other parties in acquiring the operating business but not in making an offer on the same basis as the Virgin consortium. This is why I think we are witnessing a tussle for control of the process and not competing takeover bids. It is a dangerous situation for shareholders and selling in the market looks a relatively good bet compared to either 1p from the bid or zilch from an administration.
Http:// Great News Please do your own research as always.
Spot on tonysss13. There is no value here whatsoever. Flybe are clearly bust without this takeover and no white knight in sight to secure the finances they need. I'm enjoying shorting more on this rise. Its 1p or nothing at all.
Danny Baker I would never rely on disclosures during takeovers being 100% fully confirmed. Many are not aware of their responsibilities to disclose and professionals forget to advise. In my experience it isn't policed that well. A company I founded - which was listed on the LSE - was subject to a takeover and I am convinced many disclosures which should have occured during that period didn't. The Takeover Panel were impotent IMO - I did make a complaint. Rather annoying considering I went to the effort when I had many other things to attend to at that time. I was well aware of major shareholders and their holdings. People simply don't bother to play the game fairly and they are ones that scream the loudest when they lose out. IMHO & DYOR
Clever. I can see how tinkers stob shareholding could increase in value from Flyb takeover on the terms offered, but I can also see how his flybe purchases, in event of a counter bid would also make him money. Now we might have ego and pride involved, and hopefully an in vestigation by SFO or a court case, and that may well cost Stob a lot of money.
Whatsup That is the takeover value. £2.2m I have just checked the accounts. It would have been better to place Flybe into administration. The consortium are picking it up on the cheap. Reading between the lines , the consortium knew it would cost more buying the assets from the administrators. These people aren't daft. Why providing a bridging loan? Why no shareholders vote on Disinvestment? Why buying asset from Flybe? Is that not supposed to be priced into your bid. All these doesn't sound right. It points to BOD collusion with the consortium. (just my opinion)
It seems Directors placed Flybe into their own covert/unofficial administration disguised as a takeover. is their actions in the interests of Flybe shareholders? I don't think so.
Sandcrab, there must be more to it than short closing. Even though the quoted company will be a shell it may have some value in terms of claims against former directors. Also the board have done everything possible to stop it going into administrstion. Maybe there is still some leverage to prevent this possibility. This whole takeover has been perverse so I don't expect the madness to end just yet.
With news that the 20million is currently only 10million it begins to feel as though this is becoming commercial capitulation with only the insolvency practioners walking on the wings to congratulate the takeover consortium on their new acquisition as the death spiral becomes a headlong dive. The question begins to loom: Will the Flybe debacle take Stobart Air down too? Does Connect Airways have a future?
The Takeover Panel and FCA must be having kittens at the moment. Massive turnover in Flybe shares on Friday and only two Rule 8.3 announcements today by AT and T Rowe Price. I accept that many institutions had already exited and there were a lot of private punters dealing on Friday but the numbers just don't up. Add in AT telling people he had bought a stake before it was officially announced to the stock market and you have a flagrant disregard for stock exchange red tape. Is AT acting in concert with Stobart or not? I haven't a clue and it looks like the Takeover Panel doesn't either. I have never before seen such a shambolic takeover situation. Surely the Takeover Panel has to start enforcing its own rulebook or it will become a laughing stock.
There is a very real possibility that Flybe will go into administration if the takeover is voted down. Unless you or fellow investors have £100 million to put in ?
Flybe has sold off slots at Gatwick airport to IAG-owned budget carrier Vueling. Vueling will pay £4.5 million for the spaces at Gatwick in two tranches, with the slots to be freed up for the summer season. The first payment will be made in the coming days for cover summer operations, with another payment in June 2019 for winter 2019/20 and subsequent winter seasons. Gatwick currently accommodates Flybe’s Newquay service, which is due to switch to Heathrow in March. Flybe in 2013 sold a number of slots at Gatwick to easyJet for £20 million. Doubt though has been cast on the Flybe rescue deal after the Virgin-led consortium, which also includes Stobart Group and private equity form Cyrus Capital, reportedly inserted a “Brexit clauseâ€￾ in the takeover agreement. “sources close to the deal" saidthe deal was conditional on Flybe obtaining new operating licences and authorisations post-Brexit.
wonder if Delta have been persuaded about all the Flybe customers who will fly to the USA after a takeover
Scenario 3: "Scenario 3: assumes that the top four airline groups will control c.67% of the intra-European market share by 2025. This scenario hypothesizes IAG buying EasyJet, Lufthansa purchasing SAS, Air France-KLM combining with (its old stake) Alitalia and Norwegian Air Shuttle, as well as Ryanair only being ‘allowed’ (by the EU’s arguable conservatism and interventionism) to buy smaller tail companies (e.g. as per the recent Laudamotion takeover)."
Anyone think the takeover will happen from Virgin etc ?
Https:// This will set the sparks flying time to top up. Flybe shares jump as Virgin Atlantic mulls takeover deal Please do your own research/
If takeover talks breakdown there will be a RNS. So clearly due diligence reviews are still in motion. Could easily take another month or so. Obviously the main point will be the offer price. Sadly when I’ve been in this position before you never seem to get a fair price. So my guess would be 25-30p.
Absolutely, all parties are in the middle of doing there due diligence at mo seeing the value to there existing portfolio... at this price we are definitely in the right sp for takeover. Not if when!!!
Flybe valuation......Let's not forget this IPO'd at circa 300p. Since the IPO Flybe has spent tens of £millions on infrastructure and developing Europe's largest domestic/regional airline. Just have a look at the destinations on their website.Current NAV is supposed to circa 55-60p so with small takeover premium we could potentially be t circa 75-100p. The could be a steal for any seriously interested party, especially if BA and Virgin fight over it ( according to the press, they despise each other). Hold on and wait is the best option imho!
Somebody has to reveal their hand (whether its a takeover, merger, joint venture or something else). I think there may be a lot of different configurations, but any initial proposal could/will indicate what Flybe is valued at by the interested party. It would also help reveal the other interested parties. If there are, which I think there will be, different proposals, then game on....aach party will need to make it attractive to Flybe owners (or at least the majority owners at the time- it could be one of the interested parties)
Hosking Partners LLP- top ten holdings (no8 I think) is delta there a potential hostile takeover on the cards? hxxps:// Question is where did they get 41 million shares from
I think with the collapse of the oil price, the rationalization, possible takeover/joint collaboration etc. Flybe will only go bankrupt if somebody wants it to, and then would try to resurrect it. As it is a number of companies seem as if they would like it...and in the case of bankruptcy (and that is not imminent) they might not get what they would like
Jitters around here but should be positive as takeover is more than likely at a good price otherwise Flybe has contingency plans for improved performance as it’s already added new route to its portfolio!!
peea01, Absolutely correct. STOB's previous offer price was under different circumstances and one could argue FLYB management would now accept the price offered back then. Alot has happened in the last 6-9months that have not been good for Flybe. They are heading towards a chunky full year loss, so some of higher prices being bandied about (50-60p) are frankly nonsense. N one is going to pay that for a struggling airline. I think they will do very well if they achieve a takeover above 25p or a commercial deal indicative of a higher price than the current market value. Cash
Virgin have made an offer Shares NSI: 216,656,776 as posted by beginner3 on LSE at 08:10
Looking at this I would say that the takeover price would be 40 - 45 but could go slightly higher in a bidding war.. and as history denotes that in situations like this there’s always going to be a third party who joins in at last minute, possibly more interested who are undisclosed at mo.
Completely agree with you J , there are options but a good offer takeover would be the order of the day. Looking likely as no rns at mo, they’re doing their due diligence as we speak!!
American idiot, Research shows that Flybe have other options than a takeover, based on many factors, the offer will have to be a good one in order for the board and shareholders to accept it
In the 3 months to June 2018 Flybe flew 2,500.000 passengers which was up by 100.000 on the same period last year. Accounts in RNS release 14th Nov 2018 confirm that Flybe flew 5,241.000 passengers up 0.6% on the same period last year with seat revenue up 7.2%. Producing restated group turnover of £419.2 Million with a net profit before and after tax of £16.1 Million It appears that Flybe refinanced is a very shrewd takeover proposition for the various operators who are reported to be interested. Reuters March 2018 7.19AM Reported that Flybe had rejected the Stobart offer. It is well known that Stobart have many problems. Flybe has its own many options to refinance, apart from a takeover. Flybe is not a fire sale. IMO DYOR
I'm so excited can't wait till the bell tomorrow at 8am ! BOOOOOOOOOM ! I can't sleep ! Next week is going to massive with lots of bidding wars to takeover Flybe ! Guaranteed winner here folks and we will all make loads of wonga ! I've got my bags ready to collect the free money here next week! COME ON RICHARD ! PUT YOUR HAND IN YOUR POCKET AND GIVE US 10 QUID A SHARE HERE !
Last year, the Virgin Group-led consortium proposed acquiring more than 50 per cent of shares in Northern Rock and to keep the business listed.. Maybe not a full takeover
BUT the market cap is now 33 million. Anyone bidding now will have to pay a premium to that.Especially if a hostile takeover ensues 😜.
47p takeover code potential is keeping me in.
I don't see anyone getting this too cheaply given management have, over the last week, demonstrated there is value in the assets far more than what the Market values the equity at. If there is a takeover, it'll be shared by 2 or more in my opinion. Cash
This could still go bust in the short term if they don't get an offer or manage to raise more long-term debt but why anyone would short it at current levels when you know there are multiple potential bidders in discussions I don't know. There's plenty of more liquid, poorly financed companies out there that would make better shorts. Shorting small-caps in takeover discussions would seem to be a pretty foolhardy plan whatever the state of the company's balance sheet. Virgin in discussions is good news, they certainly have the finances to be able to take them over, get rid of the poor management, sort out the IT systems and either use or lose the E195's.
Virgin Atlantic, which is partly owned by Sir Richard, would be interested in the smaller carrier for two main reasons: On top of providing a wider passenger traffic into Virgin Atlantic's long-haul network, a takeover of Flybe would allow Virgin Atlantic to gain access to the take-off and landing slots at London Heathrow Airport reserved to domestic flight.
Sky News Flash Virgin Atlantic in takeover talks 😊😊😊
Which routes would EZJ look to keep in a potential takeover? I would imagine some of the European routes from SOU and BH, the majority of UK routes look quite thin for them. I do not see the rump of FLYB being anything but a cash-pit for EZJ. They are very shrewd operators. 93% load factor, fabulous! A deal would mean offloading the aircraft to someone else. Cash
The boss of easyjet said he was not interested in Flybe "at the moment." He may be saying that at the moment of the interview he was only interested in talking about easyjets results. HUG - That is what I'm saying, if easyjet takeover Flybe they do not have to wait many years for a third runway to be built at Heathrow.
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