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Aer Lingus rebuffs Ryanair for a third time

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Aer Lingus Group (LON:AERL) has rebuffed the latest approach from no-frills carrier Ryanair (LON:RYA).

The latest Ryanair offer for its rival Irish airline, the third so far, was tabled yesterday at €1.30 per share, valuing Aer Lingus at just under €700 million.

Ryanair first tried to buy Aer Lingus in 2006, but was thwarted by the European Commission which said the combination of the two airlines would be uncompetitive.

It still owns a 29.8 per cent stake as a result of that offer and a subsequent failed takeover attempt in 2008.

Air Lingus issued a statement late afternoon, doubting that any firm offer, if it was made, would be capable of completion given Ryanair’s bid history.

It added that, even if an offer were to go through, the latest price would still undervalue Aer Lingus and is therefore asking shareholders not to take any action.

Aer Lingus said it has a proven business model and a strong balance sheet including cash of in excess of €1 billion at March 312012, leaving it well positioned for the future.

Quick facts: AER Lingus Group plc

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