Tags: Ireland | Ryanair | Aer Lingus

Ryanair Launches New Takeover Bid for Aer Lingus

Tuesday, 19 June 2012 06:14 PM

Leading European budget airline Ryanair has launched a surprise new takeover bid for its Irish rival Aer Lingus, and says it hopes that this time the cash-strapped Irish government will sell its key stake.

Ryanair made its announcement after the Irish Stock Exchange closed Tuesday. The Dublin-based airline says it will offer €1.30 ($1.65) per share, a 38 percent premium over Aer Lingus' current share price, in a deal that would value the airline at €694 million ($880.7 million).

Ryanair launched a hostile bid for Aer Lingus in 2006, but the government refused to sell its 25 percent stake and European Union regulators blocked the move on competition grounds. Ryanair since has remained Aer Lingus' largest shareholder with a 29.8 percent stake.

Aer Lingus and the government offered no response.

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Tuesday, 19 June 2012 06:14 PM
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