The International Airlines Group (IAG) has deferred the deadline for Aer Lingus Group plc shareholders to accept its revised proposal, to Tuesday, August 18. The announcement comes after Ryanair (FR, Dublin International) delayed formally accepting the IAG's bid for its 29.8% shareholding in its local rival despite the expiry of the original July 31 deadline.

“We don’t expect to receive any proceeds from the sale of our stake in Aer Lingus until September and so we plan to formally submit our signed acceptance of the IAG offer in mid-August,” Ryanair said in a statement.

The IAG's EUR1.4billion bid for Aer Lingus is conditioned on Ryanair accepting its offer given that under Irish law, the IAG needs control of at least 90% of Aer Lingus stock to compulsorily acquire the stakes of all remaining shareholders.