The Stobart Group has withdrawn its offer for Flybe after the pair railed to reach an agreement.
In a statement this morning, the Board of Stobart Group said it had decided it was not in its shareholders’ best interests to increase its latest proposal, which has been rejected by the Flybe Board.
"Given this, Stobart Group confirms that it does not intend to make an offer for Flybe," it said.
"Stobart Group and Flybe enjoy a range of shared interests as well as a growing franchise arrangement between the two groups’ airlines and it is Stobart Group’s intention to continue the collaborative working relationship between both companies."
Flybe also issued a statement, which read: "The Board remains highly confident in the prospects of Flybe and believes that the Group continues to have an exciting future as an independent company, delivering the Sustainable Business Improvement Plan as set out in June 2017.
"This plan is focused on driving sustainable profit and cash generation and will see the fleet size reduce to an optimum level for the number of identified profitable routes and make the business demand-driven rather than capacity-led."
