http://www.flightglobal.com/articles/2008/12/01/319599/aer-lingus-board-reject
s-ryanair-takeover-offer.html
http://0rz.tw/6056s
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◆ From: 220.133.220.118
DATE:01/12/08
SOURCE:Air Transport Intelligence
Aer Lingus board rejects Ryanair takeover offer
By David Kaminski-Morrow
Aer Lingus has formally rejected the proposed all-cash acquisition of the
carrier by Irish budget airline Ryanair.
The board of Aer Lingus says the offer "significantly undervalues" the
flag-carrier.
Ryanair's offer values Aer Lingus shares at €1.40 ($1.77), half the figure
it offered in an unsuccessful takeover attempt two years ago.
Aer Lingus points out that the European Commission barred the previous
potential merger, which lapsed in December 2006 after Ryanair's offer failed
to attract many acceptances.
"Ryanair is now appealing the European Commission prohibition," says the Aer
Lingus board in a statement. "Consequently this new, lower offer is not
capable of completion."
It says Aer Lingus is a "strong" business with "significant" cash reserves
and a "robust" long-term future, adding: "The board rejects this new offer
and Aer Lingus shareholders are strongly advised to take no action in
relation to the offer."