Ryanair set to extend deadline for €2.80 offer

RYANAIR is today expected to announce it will extend the deadline for acceptance of its €2.80 per share offer for Aer Lingus until after November 22, the day the Employee Share Option Trust (ESOT) ballot is due to be completed.

ESOT accounts for 12.6% of the equity and its support for the bid is thought to be crucial if the offer is to have any chance of success.

Ryanair will also announce how much backing it got for the bid from other shareholders in the group, which commentators expect will be less than the required 50.1%. The deadline for acceptance closed at 3pm yesterday.