Aer Lingus rejects new €738m offer from Ryanair
The Board of Aer Lingus has announced today that it has rejected a €738m offer made by Ryanair to buy the airline.
With more than 30 airlines failing over the last 12 months, you would think that now is a pretty bad time to be in the airlines business.
But not for Michael O'Leary. He wants rival Aer Lingus. Considering that they already own 29.82% of the former state carrier, cheeky O'Leary shouldn't have too much trouble making the €738m (£645m)cash offer.
In a statement today, the Aer Lingus board 'strongly advised' its shareholders to take no action. Shares at Aer Lingus however have already started to soar.
Ryanair and O'Leary claim that both airlines will not merge, but operate as separate companies with separate brands, projecting that the new RyanAir offer would double Aer Lingus's short-haul fleet to 66 aircraft and create 1,000 new jobs for pilots, cabin crews and engineers over the next five years.