10th Jul 2015 06:37
LONDON (Alliance News) - Irish budget carrier Ryanair Holdings PLC on Friday said its board has voted unanimously to accept International Consolidated Airlines Group's offer for its stake in Aer Lingus Group PLC, removing the final barrier in the way of IAG's takeover bid.
FTSE 100-listed IAG, the owner of British Airways and Iberia, made a EUR1.4 billion takeover offer for Aer Lingus earlier this year and has already secured the Irish government's support for the bid, along with that of the Irish flag carrier's board.
Ryanair said its board voted unanimously to accept the bid for its 29.8% stake in Aer Lingus, saying it thinks the takeover "maximises Ryanair shareholder value". In line with the decision, Ryanair will vote in favour of the motion at the upcoming Aer Lingus extraordinary general meeting to accept IAG's offer.
"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. The price means that Ryanair will make a small profit on its investment in Aer Lingus over the past nine years," said Ryanair Chief Executive Michael O'Leary.
By Sam Unsted; [email protected]; @SamUAtAlliance
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