Aer Lingus opens defense of Ryanair bid

Aer Lingus today set out it's stall with regard to the proposed offer from Ryanair. In a letter to shareholders, the Aer Lingus Chairman, Colm Barrington said that the Ryanair offer undervalued the Aer Lingus brand, the airline's financial position and it's strong growth prospects. "Ryanair claims that Aer Lingus needs Ryanair to survive and to continue to grow. This is emphatically not the case. Aer Lingus has grown strongly in the face of direct and aggressive competition from Ryanair for over 20 years. Ryanair seeks to gain opportunity and value from what Aer Lingus has created," the chairman said. Barrington also pointed out the fact Aer Lingus has grown capacity by 30% since it floated on the stock exchange in 2006 and also has one of the largest cash reserves in the airline industry.