Ryanair Intends To Re-Bid For Aer Lingus If The EC Grants Phase II Approval
Following today's (29 Aug) decision of the European Commission to refer the acquisition of Aer Lingus to Phase II, Ryanair's Offer lapses, in accordance with the Takeover Rules, with immediate effect, and all acceptances of the Offer to date are void.
Ryanair intends to re-bid for Aer Lingus if the European Commission clears its offer following its Phase II review. The making of any such Further Offer will require consent* of the Takeover Panel to a derogation from the prohibition on making a further offer within twelve months after the date on which the original Offer lapsed.
In keeping with its policy to date, Ryanair will not make any comment other than the above on this process.
*The relevant Notes to the Takeover Rules specifically provide that the Panel may grant consent in circumstances where a previous offer has lapsed as a result of a Phase II review by the European Commission, if following Phase II approval by the Commission, a new offer is made within 21 days of the issue of such a clearance.