Sir Michael Bishop and Deutsche Lufthansa AG have reached an out-of-court settlement of their dispute over the satisfaction of the conditions precedent in relation to a put option over the 50% plus 1 share in British Midland PLC (bmi). Under the terms of the compromise settlement, Sir Michael Bishop agrees that specific performance of the put option will not be available and consequently Deutsche Lufthansa will not be required to acquire the shares. In turn, Deutsche Lufthansa will pay consideration of GBP 175 million for the cancellation of the put option.
On 10 October 2008, Sir Michael Bishop exercised the put option on behalf of his holding company The BBW Partnership Limited (BBW). The option was part of a shareholders
