Thu, 21 Jun 2012 | MERGER
The ongoing attempts by Ryanair to buyout Aer Lingus have hit another wall with the smaller airline shooting down a surprise bid from Michael O'Leary's firm.
Ryanair made an offer valuing the airline at €694 million (£560 million) but a spokesman from the smaller firm made a statement stating that its board believes that the offer, “even if it is capable of completion, undervalues Aer Lingus”.
He added that earlier moves from Ryanair have failed and suggested that this one will also struggle to go through anyway: "The Board notes that Ryanair's unsolicited offer in 2006 was blocked by the European Commission and was not capable of completion and that Ryanair's second offer, in 2008, was withdrawn.
“Consequently, there is significant uncertainty that any offer from Ryanair, if made, would be capable of completion.”
The Irish government maintains a 30 per cent stake in Aer Lingus but Taoiseach Enda Kenny stated that the government will not be pressured into a “fire sale” of its asset.
“The government will use proper and appropriate consideration to the right timing, to the right price and in the best interest of the country and the people,” he added.
Mr O'Leary reportedly remains hopeful that merging forces with Aer Lingus would facilitate the creation of “one strong Irish airline” that would be capable of competing with major European companies.
Provides a multitude of property management maintenance services, such as plumbing, decorating, refurbishment, general maintenance, plastering, kitchen fitting and bathroom fitting. Having built up the business over the course of nine years, our clie...
LEASEHOLD
Offers a comprehensive range of industrial electrical installation and design services, including single and block cable drawings and testing. Designs and installs a variety of specialist control panels. Manufactured control panels include Form 2 wal...
LEASEHOLD
Achieved a turnover of £510k. Projected turnover of £600k. Has the latest, advanced CNC machinery, offering a first-class service. Holds long-standing relationships with several clients, with some in place for over 18 years. .
LEASEHOLD
15
|
Aug
|
Trainer reseller Kick Game exploring £150m sale | BUSINESS SALE
Trainer reseller Kick Game is reportedly considering a sale,...
12
|
Aug
|
Aviva to complete Succession acquisition and support further consolidation | BUSINESS SALE
Aviva is poised to complete its acquisition of wealth manage...
11
|
Aug
|
Flotek acquires Swansea-based legal and professional services IT provider | BUSINESS SALE
IT and Managed Service Provider (MSP) Flotek has acquired Sw...
Sign up to receive our acquisition alert emails to get your FREE guide
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources