Aer Lingus (EI, Dublin International) board members have rejected a second proposal from British Airways, Vueling Airlines, and Iberia parent, the International Airlines Group (IAG). In a filing to the London Stock Exchange (LSE), the IAG confirmed it had submitted a revised proposal to Aer Lingus on December 29 of last year only for the Irish to reject the offer.
"The revised proposal consisted of a cash offer of EUR2.40 (USD2.74) per Aer Lingus share, subject to certain pre-conditions, representing an improvement to the EUR2.30 (USD2.67) per Aer Lingus share that IAG had originally submitted," it said.
Aer Lingus rejected the initial bid on the grounds that it "undervalued the business."
Acquiring Aer Lingus would also give British Airways control of the carrier's valuable London Heathrow slots and access to an additional hub in Dublin International. Aer Lingus currently operates 20 daily services from Heathrow to Belfast City, Cork, Dublin and Shannon.
