Stobart Group has announced it has withdrawn from talks to acquire flybe. (2002) (Exeter) after the two sides failed to agree on "satisfactory terms".
"The Board of Stobart Group has determined that it is not in its shareholders' best interests to increase its latest proposal for Flybe above the level which was rejected by the Board of Flybe," it said in a London Stock Exchange filing on March 22. "Given this, Stobart Group confirms that it does not intend to make an offer for Flybe."
In a follow-up announcement, Flybe's board said despite the collapse in talks with Stobart Group, it was "confident" in the airline's future as an independent airline.
Stobart Group reaffirmed its intention to continue a collaborative working relationship with Flybe which covers several wet-lease as well as franchise flying contracts.
