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was blocked by the European Commission and was not capable of completion and that Ryanair's second offer, in 2008, was withdrawn.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.
Designs and develops websites and business critical web / mobile applications. Employs 19 talented and experienced in-house designers and developers. Operates from freehold premises. Our client is offering the business for sale to facilitate growth....
FREEHOLD
Offers a variety of services including domestic assistance, medication administration, companionship and palliative care, as part of a 24/7 service. Care Quality Commission with a rating of ‘Good’ in all domains. Contractually provides its services t...
LEASEHOLD
Currently operates from a number of restaurants, all of which are situated in prominent trading locations and benefit from high levels of footfall. Long-standing brand with a multitude of excellent reviews online. All dishes are prepared in store by...
FREEHOLD
|
10
|
|
Dec
|
MBO at Derby rail sector recruiter | MBO/MBI
There has been a seven-figure management buyout (MBO) at Der...
|
09
|
|
Dec
|
Scunthorpe construction group call in administrators | ADMINISTRATION
Scunthorpe-based Clugston Group and Clugston Construction ha...
|
06
|
|
Dec
|
KPMG agrees to sell pensions arm | DIVISION SALE
Professional services network KPMG has announced that it has...
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