Aviation, energy and rail firm Stobart Group announced that it is not, after all, intending to make an offer for Flybe Group plc.

Shares of Flybe Group fell more than 20%.

“Further to the announcement made by Stobart Group on 22nd February 2018, Stobart Group and Flybe have been unable to reach agreement on satisfactory terms,” said Stobart Group.

“The board of Stobart Group has determined that it is not in its shareholders’ best interests to increase its latest proposal for Flybe above the level which was rejected by the board of Flybe.

“Given this, Stobart Group confirms that it does not intend to make an offer for Flybe.

“Stobart Group and Flybe enjoy a range of shared interests as well as a growing franchise arrangement between the two groups’ airlines and it is Stobart Group’s intention to continue the collaborative working relationship between both companies.”