Ryanair makes official offer to Aer Lingus shareholders

Official offer documents have been posted by Ryanair to Aer Lingus shareholders.

Ryanair's takeover bid will see it pay €1.40 as it attempts to buy up the 70% of Aer Lingus that it doesn't already own.

The low-cost carrier is promising to lower Aer Lingus' fares, double its short haul fleet, create 1,000 jobs and guarantee Aer Lingus' Heathrow slots.

Chief executive Michael O'Leary said that if today's offer is not accepted, Aer Lingus will remain a small peripheral airline.

Meanwhile, Aer Lingus management has said that there is nothing new in today's offer document from Ryanair.

In a statement issued this evening, chairman Colm Barrington says it's the usual stream of invective, spin and misrepresentation from the low fares airline.

Mr Barrington said that the offer is a desperate last effort to create an airline monopoly in Ireland.