ITP forces clarification

Both Aer Lingus and Ryanair have been forced by the Irish Takeover Panel to clarify recent statements made in relation to the Ryanair proposal to takeover Aer Lingus.

Aer Lingus issued a clarification in relation to a statement made by the airline's director of corporate affairs Enda Corneille in December win which he said that the Ryanair bid 'drastically undervalues Aer Lingus and is not capable of completion.'

In it's clarification statement the airline says " Aer Lingus would like to clarify that the comment 'not capable of completion' is an expression of opinion by Mr. Corneille and should have been qualified by reference to the Ryanair offer being unlikely of being capable of completion."

The second clarification in Friday's statement refers to a statement made by the airline's Chairman Colm Barrington at an Oireachtas (Government) Transport Committee hearing in December at which Mr. Barrington stated that Aer Lingus had made more than €200m in profits since it's IPO.

The clarification states that the airline has reported a 'cumulative total of €209m of profit since 2006.'

Ryanair for it's part clarified a statement made by the airline's CEO Michael O'Leary in which he had said that the airline would not increase it's offer to more than €2 per share. The clarification states that the airline would not increase it's offer to more than €2 per share without the consent of the Takeover Panel.