Ryanair raises Aer Lingus share to 25.2%
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Ryanair confirmed (29-Nov-06) it raised its shareholding in Aer Lingus from 19.2% to 25.2%, purchasing an additional 31.8 million shares in the Irish national carrier for EUR87.4 million.
The carrier purchased the shares at between EUR2.72 and EUR2.75, notably below its offer price of EUR2.80 a share.
Despite the enlarged shareholding, Ryanair CFO, Howard Millar stated that the takeover bid is a long shot, as key shareholder groups, including the Irish Government, the Employed Share Ownership Trust and the Aer Lingus Pilots Association, representing around 45% of Aer Lingus shareholding, have rejected Ryanairs bid. Ryanair has already extended its offer deadline for the EUR1.5 billion bid to 04-Dec-06, after only 0.12% of Aer Lingus shareholders accepted its offer.
Meanwhile, the European Commission extended (30-Nov-06) its deadline for its inquiry into the proposed acquisition from 06-Dec-06 to 20-Dec-06. The Commission has extended its inquiry to assess possible solutions to concerns that have been raised regarding competition.
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Ryanair raises Aer Lingus share to 25.2% 
