The board of Aer Lingus has urged shareholders to reject Ryanair’s bid for the airline.
Last month, Ryanair signalled it’s intention to go after its rival Aer Lingus – and yesterday, it submitted its formal offer of 694 million euro.
The Transport Minister Leo Varadkar refused to rule out the offer for the Government’s 25 per cent stake – saying they have 60 days to respond.
But in a statement issued this morning, the board of Aer Lingus has urged shareholders to reject the offer, which it says fundamentally undervalues the airline.
And it says it has received legal advice that the European Commission is likely to prohibit the Ryanair offer on competition grounds.
It says shareholders should not sign any document sent by Ryanair or its advisers – and they can expect a letter from the board in the next two weeks.
