Ryanair accepts offer for its share in Aer Lingus

Ryanair has accepted the IAG offer for its share in Aer Lingus.

In a statement this morning, Ryanair said its board voted unanimously in favour of the deal for its 29.8% stake.

Ryanair said it will now use its vote in favour of acceptance of the IAG offer for Aer Lingus at an EGM next week.

In a statement, the company said: "Ryanair will now vote in favour of the motion at the Aer Lingus EGM on the 16 July next (to give the Irish Government a golden share over Aer Lingus's Heathrow slots) and Ryanair will also vote its 29.8% shareholding in favour of acceptance of the IAG offer."

Michael O'Leary said "the IAG offer for Aer Lingus is a reasonable one in the current market and we plan to accept it, in the best interests of Ryanair shareholders."

"The price means that Ryanair will make a small profit on its investment in Aer Lingus over the past nine years."

Fianna Fáil's Timmy Dooley, who has opposed the sale, said it's now very likely to go through, aside from some small input from the European Commission on competition law matters.

According to Reuters news agency, IAG has improved concessions to quell competition worries, and it is believed EU regulators are set to give their approval to the takeover bid.