Aer Lingus Meets Ryanair, Rejects Bid Again

January 7, 2009

Irish airlines Ryanair and Aer Lingus held talks on Tuesday over Ryanair's EUR750 million euro (USD$1 billion) takeover bid, the two carriers said on Wednesday, and Aer Lingus repeated it was rejecting the offer.

"Aer Lingus explained to Ryanair at the meeting how the bid fundamentally undervalues the airline, its robust financial position, ignores the substantial competition issues and is therefore not capable of completion," Aer Lingus said.

"Ryanair today confirmed that they held a meeting yesterday with representatives of Aer Lingus," Ryanair said in a statement, without elaborating.

There was also minimal acceptance from Aer Lingus investors before an initial January 5 deadline, which Ryanair on Tuesday extended to February 13.