LONDON—UK regional carrier Flybe has told shareholders that it had to sell off its operating companies, or face administration, adding that the empty holding company will be wound-up if shareholders do not back Connect Airways’ takeover offer. Flybe is being acquired by Connect Airways, an acquisition vehicle owned by Virgin Atlantic, Stobart Group and Cyrus Capital. Under that deal, Connect Airways will acquire Flybe’s operating subsidiaries, without a shareholder vote. ...

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