After receiving a second proposal by Ryanair, Aer Lingus released the following statement:
The Board of Aer Lingus Group plc (“Aer Lingus”) has considered the announcement by Ryanair Holdings plc (“Ryanair”) of its intention to make another unsolicited offer for the whole of the issued and to be issued ordinary share capital of Aer Lingus not already owned by Ryanair at a price of EUR 1.40 per share (the “Offer”).
Ryanair’s prior offer for Aer Lingus lapsed on 20th December 2006, having failed to achieve antitrust clearance. Following a thorough review, the European Commission prohibited Ryanair’s takeover of Aer Lingus on 27th June 2007. Ryanair is now appealing the European Commission prohibition. Consequently, this new lower Offer is not capable of completion.
Aer Lingus remains a strong business with significant cash reserves and a robust long term future. The Board believes that the Offer significantly undervalues Aer Lingus.
The Board rejects this new Offer and Aer Lingus shareholders are strongly advised to take no action in relation to the Offer.
