If an airline was interested solely in slots, would it complete a due dilligence check on BMI?
Reports said some airlines had signed confidentiality agreements. This infers that there is more interest in acquiring a/the company rather than just, as in this case, the slots.
If all you are buying is the slots then, no, a full due diligence is not required. Whilst for BA just acquiring the slots would be preferred, that may not be possible.
It is a once in a lifetime opportunity for BA and Oneworld to expand significantly at LHR. I imagine BA will be assessing all options from acquiring everything to selected assets, so it would want to do a full due diligence.
Richard Branson will no doubt be screaming blue murder if BA made an offer for the company. But for him, it's a case of either stump up the cash to make an offer for BD or shut up. Also, I think integrating BD quickly to stem the losses will be much easier for BA than Virgin (that is not to stay that the acquisition of the whole company doesn't create a big risk for BA).