Jet2 and jet2 holidays is owned by a public company, i.e. Dart Group. we the shareholders decide what happens not the C E, this is how the stock exchange works.
The rules are quite clear if the company has been approached or wishes to be approached an announcement must be made on the floor of the stock exchange.
If the company needs money it can have a rights issue, this is the normal way for a public company to go forward, (expect one from Tesco tomorrow). Unlike Tesco, Darts shares have doubled this year, making a rights issue easy to launch in the city.
Whilst a major shareholder, PM has to dance to the citys needs, I have seen 75% shareholders kicked out of there companies, PM would be easy to remove if the city lost confidence.
Certainly a sale would be good for me, I imagine at least a 25% premium to todays price.