5th Oct 2006 16:00
Aer Lingus Group PLC05 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 PROPOSAL The Board of Aer Lingus Group plc ("Aer Lingus Group") notes the announcement byRyanair Holdings plc ("Ryanair Holdings") of its intention to make anunsolicited offer for the whole of the issued and to be issued ordinary sharecapital of Aer Lingus Group not already owned by Ryanair Holdings at a price of€2.80 per share (the "Offer"). The Board unanimously rejects 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. The Board's detailed views will be sent to shareholders when the formal offerdocument has been issued. In the meantime, Aer Lingus Group shareholders arestrongly advised to take no action in relation to the Offer. Commenting on the Offer, John Sharman, Chairman of Aer Lingus Group, said: "Thisapproach is unsolicited, wholly opportunistic and significantly undervalues theGroup's businesses and attractive long term growth potential. In addition, theOffer would raise significant regulatory issues as a result of Aer LingusGroup's strong position in its core markets." Date: 5 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 RELATIONSK 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 Group plc accept responsibility for the informationcontained in this announcement. To the best of the knowledge and belief of thedirectors of Aer Lingus Group (who have taken all reasonable care to ensure thatsuch is the case), the information contained in this announcement is inaccordance with the facts and does not omit anything likely to affect the importof such information. Aer Lingus Group is being advised by Goldman Sachs International, MerrionStockbrokers Limited 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 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