Ryanair makes €694m cash offer for Aer Lingus

Ryanair has made a bid for Aer Lingus, the third time it has tried to buy the airline in the past six years.

In a statement, the low fares carrier has outlined its intention to make an all cash offer of €1.30 per share, valuing Aer Lingus at €694m.

Ryanair already owns 29.82% of Aer Lingus and said the future of the former flag carrier can be best secured within one strong Irish airline group.

It said that if its bid is successful it would put Aer Lingus on a "growth trajectory".

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