Virgin Blue's independent directors flatly rejected as "neither fair nor reasonable" a A$1.1 billion ($871.6 million) buyout bid by major shareholder Patrick Corp., intensifying pressure on the multimodal transport group to raise its offer price. Virgin Blue Chairman David Ryan said the bid price by 45.4% shareholder Patrick of A$1.90 a share undervalued the airline. He and the other four directors not linked to Patrick, including CEO Brett Godfrey, recommended that shareholders not accept ...

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