Transport

Ryanair says won't accept IAG offer for Aer Lingus until mid-August

Deadline for acceptance has passed, having already been extended

Ryanair said it didn’t expect to receive deal proceeds until September, hence the timing for its acceptance Photograph: Alan Betson / The Irish Times
Ryanair said it didn’t expect to receive deal proceeds until September, hence the timing for its acceptance Photograph: Alan Betson / The Irish Times
Thu Jul 30 2015 - 16:54

Ryanair does not intend to formally accept a bid for its 30 per cent stake in Aer Lingus until mid-August, weeks after an offer by British Airways owner IAG expires, a Ryanair spokesman said on Thursday.

Earlier this month, IAG extended the deadline for the offer to midday on Thursday, July 30th, saying it needed 90 per cent of Aer Lingus shareholders to accept.

The Government formally accepted the offer to sell its 25 per cent in mid-July.

“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.

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A spokeswoman for IAG said the company would put out a regulatory statement in due course.

Reuters