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Aer Lingus rebuffs Ryanair bid

3 November 2006

Ireland’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

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