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Aviation – Flybe’s largest shareholder threatens to block Virgin deal…

Flybe’s largest shareholder is threatening legal action to block a Virgin Atlantic-led takeover of the airline after reportedly accusing its bosses of neglecting their duty as directors.

Hosking Partners, a London-based asset manager that owns almost a fifth of Flybe’s shares, has written to its board and City watchdogs to complain about the cut price £2.2m deal announced earlier this month.

The offer from Connect Airways, a consortium including Virgin Atlantic, Southend Airport-owner Stobart Group and investment firm Cyrus Capital Partners, came at a major discount to the 16p the shares closed at the previous day.

Source: telegraph.co.uk

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