Virgin Blue majority owner Patrick Corporation has made a cash takeover offer for the Australian low-cost airline. The logistics group, which holds 45.5% of the carrier, says it has not discussed the takeover bid with 25% owner Virgin Group. The proposal comprises an unconditional cash offer of A$1.90 ($1.45) per share, which values the airline at A$1.99 billion, compared with the market value of A$1.76 billion on 24 January following a 10-15% profit downgrade warning by the airline - its second in six months. Virgin Blue is said to be close to unveiling plans for a Macau operation.

Source: Flight International