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Ryanair willing to raise Aer Lingus offer

20 January 2009

Ryanair is willing to raise its offer for rival Aer Lingus but will not wage a prolonged battle if shareholders in Ireland’s former state airline continue to oppose the deal.

Ryanair Chief Executive Michael O’Leary told reporters he would be willing to increase his offer price of 1.40 euros a share, equivalent to about 750 million euros ($995 million).

However, in a statement Europe’s largest low-cost carrier ruled out raising the price to 2 euros or above. A spokeswoman for Ryanair declined to comment further.

Aer Lingus said the offer was “unlikely to be capable of completion” as Ryanair had still not made clear why it would be approved by the European Commission, which blocked an earlier offer by Ryanair on competition grounds.

source: USA Today

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