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U.K.'s Flybe Attracts Counter-Bid From American Air-Backed Mesa

Operations At London City Airport
Photographer: Simon Dawson/Bloomberg

Flybe Group Plc said American Airlines-backed Mesa Air Group Inc. has launched a counter-bid for its business, leading the stock to more than double in price.

The approach from Phoenix, Arizona-based Mesa and New York private-equity firm Bateleur Capital LLC is “preliminary and highly conditional,” Exeter, England-based short-haul carrier Flybe said in a statement on Wednesday, without revealing how much the potential offer might be worth.