Patrick Corp, which owns 45.4 per cent of Virgin Blue, said the
valuation was inflated.

"The valuation of Virgin Blue airlines prepared by Grant Samuel
and issued by the airlines 'independent' directors is both
fundamentally flawed and ludicrously inflated," Patrick Corp said
in a statement.

The figure was "completely at odds with analysts recent
valuations which have ranged from $1.51 to $2.20 following the
airline's latest profit warning - with an average price of $1.84
per share," Patrick Corp said.