Issues update on offer; terms of revised proposal are in the best interests of shareholders
- there is compelling logic to a combination with IAG
- On 27 January 2015, the Board of Directors of Aer Lingus (the "Board") announced that it had indicated to International Consolidated Airlines Group, S.A. ("IAG") that the financial terms of IAG's proposal (the "Revised Proposal") valuing each Aer Lingus share at €2.55 (comprising a cash offer of €2.50 and a dividend of €0.05 per share) were at a level that the Board would be willing to recommend, subject to being satisfied with the manner in which IAG proposed to address the interests of relevant parties. The Board continues to believe that the financial terms of the Revised Proposal are in the best interests of Aer Lingus' shareholders.
- The Revised Proposal remains conditional on, amongst other things, confirmatory due diligence, the recommendation of the Board of Aer Lingus and the receipt of irrevocable commitments from Ryanair Limited and the Minister for Finance of Ireland to accept the offer, all of which may be waived in whole or in part by IAG.