9th Jan 2015 18:31
LONDON (Alliance News) - International Consolidated Airlines Group PLC Friday said its revised offer for Irish flag carrier Aer Lingus Group PLC has been rejected.
IAG Group made a revised cash offer of EUR2.40 per Aer Lingus share, which was an improvement on the company's original offer of EUR2.30 per share. Aer Lingus has rejected the revised offer as it still feels it undervalues the company and IAG said there is no certainty another offer will be made.
Aer Lingus has successfully fended off several takeover attempts by Ryanair Holdings PLC in recent years, thanks partly to the large stake held by the Irish government which was against the bid, and stakes held by its own employees. Ryanair's takeover attempts were also rejected by European Union anti-trust regulators.
IAG shares closed down 1.8% to 465.40 pence per share on Friday.
By Joshua Warner; [email protected]; @JoshAlliance
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