This is part of a package of remedies that Ryanair has submitted to the European Commission in the context of its offer for Aer Lingus. The proposed transaction is contingent upon the EC's approval of Ryanair's proposed remedies and a successful bid by Ryanair for Aer Lingus.
If Ryanair's acquisition of Aer Lingus is completed, Flybe expects to seek formal shareholder approval for the acquisition of Flybe Ireland from Ryanair in early autumn. Flybe said it had received irrevocable acceptances representing 64% of the shareholders in support of this possible transaction.
The European Commission had insisted on the pledging of irrevocable acceptances by over 50% of Flybe's shareholders as a condition precedent for the deal to create Flybe Ireland proceeding.
At 8:09am: [LON:FLYB] share price was +5.88p at 50.63p
Story provided by StockMarketWire.com