Aer Lingus rebuffs Ryanair bid
3 November 2006Ireland’s Aer Lingus issued a forthright rejection on Friday of a takeover bid by low-cost rival Ryanair and urged its shareholders to snub the offer valuing it at 1.48 billion euros.
In a strongly worded letter to shareholders, Chairman John Sharman reiterated the company’s view that Ryanair’s offer undervalues Aer Lingus and said Europe’s biggest budget carrier lacked the know-how to deal with unionised staff.
source: Reuters
