‘Bid not even equal to cash reserves’

The Ryanair bid for Aer Lingus undervalues the company as it is not equal to the company’s cash reserves, according to Transport Minister Leo Varadkar.

He said the Ryanair bid was not even equal to the cash reserves that Aer Lingus has accrued.

“Aer Lingus has €700m in cash and the offer being made actually values Aer Lingus lower than that,” he said.