The chairman of BMI British Midland, Sir Michael Bishop, told BBC Radio 4's Today programme that change was long overdue.

BBC: 'Open skies' talks resume

But in the past few weeks the company shares have slumped after the withdrawal of BMI British Midland services from Belfast International Airport.

BBC: French firm launches airports bid

This latest offer represents a premium of just 6% to the firm's closing share price on 1 August, before BMI British Midland's "surprising" decision to withdraw Heathrow and East Midlands services from Belfast International, part of the TBI portfolio.

BBC: French firm launches airports bid