23rd Oct 2006 14:50
Aer Lingus Group PLC23 October 2006 Not for release, publication or distribution, in whole or in part, in or into or from Australia, Canada, Japan, South Africa or the United States or any other jurisdiction where it would be unlawful to do so FOR IMMEDIATE RELEASE REJECTION BY AER LINGUS OF RYANAIR OFFER The Board of Aer Lingus Group plc ("Aer Lingus") notes the publication of theoffer document by Ryanair Holdings plc ("Ryanair") making its offer to purchasethe whole of the issued and to be issued ordinary share capital of Aer Lingusnot already owned by Ryanair (the "Offer"). The Board of Aer Lingus, which has already rejected the Offer, will formallyrespond in detail when it issues its response setting out the views of theParticipating Directors on the Offer within the next fourteen days. In themeantime, Aer Lingus shareholders are strongly urged to take no action inrelation to the Offer. Aer Lingus is one of Europe's most profitable airlines, with a consistent trackrecord for generating strong returns on its capital. It is well positioned tobenefit from numerous growth opportunities relating to both its long and shorthaul networks as a result of its strong market position in Ireland and the depthand experience of its management team. Commenting on the Offer, John Sharman, Chairman of Aer Lingus, said: "The Offerfrom Ryanair is without merit. It fails to recognise the unique position of theGroup's businesses, its outstanding track record and its excellent growthprospects. The Offer also ignores the significant regulatory issues that acombination would face. A takeover by Ryanair, no matter how it is dressed up,would be bad for Aer Lingus, for its shareholders, for its employees and forconsumers." Date: 23 October 2006 PRESS ENQUIRIES Aer Lingus Group plc +353 1 886 2000Greg O'Sullivan Goldman Sachs International +44 207 774 1000Basil GeogheganPhil RaperNicholas van den Arend Merrion Capital +353 1 240 4100John ConroyDan Ennis Goodbody Stockbrokers +353 1 667 0400Roy BarrettFinbarr Griffin INVESTOR RELATIONS K Capital Source +353 1 631 5500Mark KennyJonathan Neilan PR ADVISERS TO THE COMPANY Drury Communications +353 1 260 5000Billy MurphyOrla Benson Powerscourt +44 20 7236 5615Rory GodsonVictoria Palmer-Moore The Directors of Aer Lingus accept responsibility for the information containedin this announcement, other than the information in relation to the Offer andrelated statements and opinions in response to the Offer. The ParticipatingDirectors accept responsibility for the information in relation to the Offer andrelated statements and opinions in response to the Offer contained in thisannouncement. To the best of the knowledge and belief of the Directors and theParticipating Directors (having taken all reasonable care to ensure that such isthe case), the information contained in this announcement for which theyrespectively accept responsibility is in accordance with the facts and does notomit anything likely to affect its import. The "Participating Directors" meansall of the directors of Aer Lingus other than Mr Francis Hackett and Mr MichaelJohns. Mr Hackett and Mr Johns are not, for the time being, participating in theBoard's consideration of the Offer and related matters because the ParticipatingDirectors have concluded that it would be in the best interests of the Companyand its shareholders as a whole if, for the time being, the Directors appointedby the Minister for Transport and the Aer Lingus Employee Share Ownership Trustrespectively, did not so participate. Aer Lingus is being advised by Goldman Sachs International, Merrion StockbrokersLimited and Goodbody Stockbrokers in relation to the Offer. Goldman Sachs International, which is authorised and regulated in the UnitedKingdom by the Financial Services Authority, is acting exclusively for AerLingus Group plc and no one else in connection with the Offer by RyanairHoldings plc and will not be responsible to anyone other than Aer Lingus Groupplc for providing the protections afforded to customers of Goldman SachsInternational or for providing advice in relation to the Offer by RyanairHoldings plc or the contents of this announcement. Merrion Stockbrokers Limited, which is regulated in Ireland by the FinancialRegulator, is acting exclusively for Aer Lingus Group plc and no one else inconnection with the Offer by Ryanair Holdings plc and will not be responsible toanyone other than Aer Lingus Group plc for providing the protections afforded tocustomers of Merrion Stockbrokers Limited or for providing advice in relation tothe Offer by Ryanair Holdings plc or the contents of this announcement. Goodbody Stockbrokers, which is regulated in Ireland by the Financial Regulator,is acting exclusively for Aer Lingus Group plc and no one else in connectionwith the Offer by Ryanair Holdings plc and will not be responsible to anyoneother than Aer Lingus Group plc for providing the protections afforded tocustomers of Goodbody Stockbrokers or for providing advice in relation to theOffer by Ryanair Holdings plc or the contents of this announcement. Any person who is the holder of 1 per cent. or more of any class of shares inAer Lingus Group plc or Ryanair Holdings plc may be required to make disclosurespursuant to Rule 8.3 of the Irish Takeover Panel Act, 1997, Takeover Rules 2001to 2005, as applied, with amendments by the European Communities (Takeover Bids(Directive 2004/25/EC)) Regulations 2006. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
RYA.L