Flybe has rejected a cash injection offer from the former chief executive of Stobart Group.
The airline said Andrew Tinkler’s offer was made on the proviso that the sale of Flybe to Connect Airways, the joint venture led by Virgin Atlantic, which also includes Stobart Aviation and hedge fund Cyrus Capital Partners, did not go ahead.
Flybe rejected the proposal, saying: "The board does not consider that the preliminary proposal offers the certainty required to secure the future of Flybe.
"Accordingly, the board emphasises to shareholders that it continues to regard the arrangements entered into with Connect Airways as being the only viable option available to the company which provides the security that the business needs to continue to trade successfully.
"The arrangements with Connect Airways preserve the interests of Flybe’s stakeholders, customers, employees, partners and pension members."
Tinkler acquired 12% shares in Flybe last month and is supporting fellow shareholder Hosking Partners’ bid to replace chairman Simon Laffin with financier Eric Kohn.
Tinkler himself was ousted from Stobart last year and is in the middle of a legal battle with his former company.
