Aer Lingus said on Monday it was considering a revised takeover approach from International Consolidated Airlines Group (IAG) the parent group of British Airways and Iberia. IAG made a third bid of 2.55 euros per share, after the previous two offers were dismissed.
The Irish airline said the bid comprised an all cash offer of 2.50 per euros share and a cash dividend of 0.05 euros per share, and that it remained conditional on the recommendation of the board and receipt of irrevocable commitments from Ryanair and the Irish government, its two largest shareholders.
Buying Aer Lingus would ensure British Airways would have more access to take-off and landing slots at London Heathrow Airport, its home base and a top European hub for profitable long-haul routes. The airport is operating at close to capacity, preventing British Airways from adding more flights and expanding.