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A round up of key developments in corporate transactions covered by Lexis®PSL Corporate and Market Tracker this week, including recent developments in relation to budget airline FlyBe, an update on the Takeover Panel’s ruling on the possible offer by Berry Global Group, Inc. for RPC Group plc and a look at references to artificial intelligence in transaction documents.
Flybe plc (Flybe) has received increased press attention since the announcement of its strategic review and formal sale process on 14 November 2018. The constructive strategic review came about as the result of the well-documented challenges facing the airline industry.
Christine Ourmières-Widener, CEO of Flybe noted:
‘the industry is suffering from higher fuel costs, currency fluctuations and significant uncertainties presented by Brexit. We have been affected by all of these factors which have put pressure on short-term financial performance. At the same time, Flybe suffered from a number of legacy issues that are being addressed but are still adversely affecting cashflows.’
Prior to Flybe putting itself into an offer period, it had received a possible offer from Stobart Group plc on 22 February 2018. The offer was terminated on 22 March 2018, with Stobart stating that the parties had been unable to reach agreement on satisfactory terms. Not long after it entered the formal sale process, Flybe received a possible offer from Virgin Atlantic Airways Limited on 23 November 2018.
Stobart and Virgin Atlantic agreed on the terms of a joint venture, Connect Airways Limited, together with DLP Holdings S.à.r.l., a Luxembourg company wholly-owned by funds managed by Cyrus Capital Partners LP. A firm offer was made via Connect Airways Limited on 11 January 2019, valuing the company at £2.2 million with a consideration of 1 pence per share. The terms of the acquisition included a commitment to provide Flybe with a £20 million bridge loan facility to support its ongoing working
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Market Tracker is a unique service for corporate lawyers housed within Lexis®PSL Corporate. It features a powerful transaction data analysis tool for accessing, analysing and comparing the specific features of corporate transactions, with a comprehensive and searchable library of deal documentation across 14 different deal types. The Market Tracker product also includes news and analysis of key corporate deals and activity and in-depth analysis of recent trends in corporate transactions.
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