Aer Lingus rejects Ryanair bid

Offer was not a “credible” one, says Aer Lingus board

Aer Lingus European carriers Irish airline Michael O’Leary offer Ryanair takeover bid

Aer Lingus has rejected takeover bid by low-cost airline Ryanair saying that the offer had undervalued the company, according to reports in The Wall Street Journal. Aer Lingus’s board said that Ryanair’s $1.6 a share bid for the 70 per cent it wants to own, was not a “credible offer which is capable of completion”.

Ryanair chief executive Michael O’Leary had made the bid for Aer Lingus in June saying that once completed, the deal would form one strong Irish airline capable of competing with Europe’s other major carriers.