BMI signs term sheet with second bidder for the acquisition of bmibaby
BMI reportedly stated a second bidder has signed a term sheet to acquire bmibaby, which is being sold as part of International Airline Group’s (IAG) purchase of BMI from Lufthansa. As reported by CITY A.M., an unnamed European Union-based airline group has tabled an offer to acquire 100% of the business. The term sheet is non-exclusive, and allows an anonymous UK-based company that made an approach Jan-2012 to continue talks. BMI “plans to sign a definitive sale purchase agreement with one of the parties in the next few weeks”, it said. The latest proposal matches the first in comprising 100% of bmibaby, including its aircraft, with the bidder also planning to maintain the carrier's staff and network, and the brand to be retained for a period and its head office to remain in the East Midlands.