Aer Lingus: Possible Offer Update
27-Jan-2015 On 26 January 2015, the Board of Directors of Aer Lingus (the "Board") announced that it had received a revised proposal from International Consolidated Airlines Group, S.A. ("IAG") which values each Aer Lingus share at €2.55 comprising an all cash offer for the Company of €2.50 per share and a cash dividend of €0.05 per share (the "Revised Proposal"). The Revised Proposal remains conditional on, amongst other things, confirmatory due diligence, the recommendation of the Board of Aer Lingus and the receipt of irrevocable commitments from Ryanair Limited and the Minister for Finance of Ireland to accept the offer, all of which may be waived in whole or in part by IAG.
IAG has indicated that it would only proceed with its third proposal with an indication from the Board of Aer Lingus that it would be willing to recommend the financial terms of the Revised Proposal.
Having considered this request, the Board has indicated to IAG that the financial terms are at a level at which it would be willing to recommend, subject to being satisfied with the manner in which IAG proposes to address the interests of relevant parties.
The Board notes IAG's intentions regarding the future of the Company, in particular that Aer Lingus would operate as a separate business with its own brand, management and operations, continuing to provide connectivity to Ireland, while benefitting from the scale of being part of the larger IAG group.
This statement is being made by Aer Lingus with the consent of IAG. There can be no certainty that any offer will be made.