Aer Lingus said it is willing to accept a new €1.36bn takeover offer from International Consolidated Airlines Group (IAG), the owner of British Airlines. IAG’s third offer values the Irish flagship carrier at €2.55 a share.
The airlines said before it accepts the offer, IAG must “address the interests of relevant parties,” including the Irish government and Ryanair. The government controls a 25-percent stake, while low-cost carrier Ryanair has a 29.8-percent stake in Aer Lingus. The Irish cabinet is scheduled to meet today, where the IAG offer will likely be discussed. The airlines rejected earlier offers made by IAG last year, saying they “fundamentally undervalued” the company.
IAG, which also owns the Spanish air carriers Iberia and Vueling, is reportedly interested in Aer Lingus’ 23 takeoff and landing slots at London’s Heathrow airport. EU regulators, in an effort to divert competition concerns, may force the companies to offload some services to other operators before greelighing any takeover deal.
