The sweetened offer is worth €2.55 a share from International Airlines Group (IAG), although progress now hinges on major shareholders Ryanair and the Irish government.
Willie Walsh. chief executive of IAG, which also owns Spanish airline Iberia, said a deal would secure and strengthen Aer Lingus’s brand and long-term future, while offering “significant benefits” to both the Irish company and its customers.
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IAG has said it plans to operate Aer Lingus as a separate business with its own brand, management and operations.
The Aer Lingus board had previously rejected proposals from IAG worth €2.30 and €2.40 a share.