MIAMI — The Board of Ryanair, the largest European Low-Cost carrier in terms of passenger numbers has voted unanimously to accept International Airlines Group (IAG) takeover offer for Aer Lingus (EI) for the 29.8% shareholding in the Irish National carrier. The transaction is subject to approval from the European competition authorities and Aer Lingus Shareholders.
In a press note released today, the Irish Low-Cost carrier announced the decision to accept IAG €3.36 billion Euro offer. The Board believes that this IAG offer “maximizes Ryanair shareholder value”.
“We believe the IAG offer for Aer Lingus is a reasonable one in the current market and we plan to accept it, in the best interests of Ryanair shareholders” assured Michael O’Leary, CEO, Ryanair.
The price means that Ryanair will make a small profit on its investment in EI over the past 9 years.
IAG, parent company of British Airways and Iberia, will have now to wait for EI’s Shareholders approval and the ruling related to the offers from the European Commission Competition, due next week.