City AM reports that Hosking Partners, which owns 19% of Flybe, has asked lawyers to assess its options ahead of the proposed takeover from a new consortium led by Virgin Atlantic and Stobart Group, according to Sky News.
One possible option could be to impose an injunction that would block the sale from taking place, City AM reports.
The consortium agreed a 1p per share deal, which undercut the share price of the company.
Hosking has also claimed that the alleged handling of the proposed sale blocked a rival bid coming in with a higher offer.
Sky News reports that a Hosking Partners spokesman said investors were "entitled to transparency over precisely what has gone on to drastically reduce Flybe’s value".
"The auction undertaken under the formal sale process has clearly not yielded a favourable outcome for all stakeholders, and it seems that the outcome has locked out any other bidder who may be able to provide a better solution for all of Flybe’s stakeholders."
Flybe said in a statement to Sky News: "The board of Flybe was faced with a very tough decision based on Flybe’s current difficult liquidity position and the expectation that this pressure will continue.
"Obtaining the revised facility, as announced on January 15, from the consortium provides the security that the business needs to continue to trade, which preserves the interests of its stakeholders, customers, employees, partners and pension members.
"Flybe will be responding directly to letters received from shareholders."
