An airline deal frenzy as Virgin Australia faces takeover
Illustration: Sarah Grillo/Axios
Virgin Australia (ASX: VAH), Australia's second-largest airline, which filed for bankruptcy last month, is expected to receive upwards of eight indicative takeover bids today, per Reuters.
Why it matters: Because it reflects the high value of duopoly, even in the midst of a pandemic that has been catastrophic for airlines.
- Suitors include Bain Capital, Brookfield, BGH Capital/Temasek, and India's InterGlobe Enterprises.
The bottom line: "The offers ... will be whittled down to a shortlist of about three in coming days. ... The administrators at Deloitte aim to restructure what is the biggest Asia-Pacific casualty of the coronavirus crisis hitting the global aviation industry, and agree to deal with a buyer by the end of June." — Paulina Duran & Scott Murdoch, Reuters