Aer Lingus rejects Ryanair proposal

The Board of Aer Lingus Group plc has announced that it has considered the announcement by Ryanair Holdings plc of its intention to make another unsolicited offer for the whole of the issued and to be issued ordinary share capital of Aer Lingus not already owned by Ryanair at a price of €1.40 per share.

Ryanair's prior offer for Aer Lingus lapsed on 20th December 2006, having failed to achieve antitrust clearance. Following a thorough review, the European Commission prohibited Ryanair's takeover of Aer Lingus on 27th June 2007. Ryanair is now appealing the European Commission prohibition. Consequently, this new lower Offer is not capable of completion.

A statement from Aer Lingus states, “Aer Lingus remains a strong business with significant cash reserves and a robust long term future. The Board believes that the Offer significantly undervalues Aer Lingus.”