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Irish government rejection ends Ryanair's bid for EI
The Irish government yesterday rejected Ryanair's €1.40 ($1.81)-per-share offer for its 25% stake in Aer Lingus, killing off the LCCs bid, which required 90% acceptance.
Ryanair said it "will respect and abide by" the decision but continued to claim that its offer, which valued EI at €748 million, "greatly exceeds the intrinsic value" of its smaller rival. Yesterday, EI announced a new transatlantic joint venture with United Airlines scheduled to launch in March 2010 (see story below).