Ryanair formally withdraws Aer Lingus offer

Ryanair has formally withdrawn its offer to take over Aer Lingus following the Government's decision not to accept its bid for the State's 25% shareholding in the former flag-carrier.

In a brief statement, the budget airline said: "Following the Irish Government’s decision not to accept its all cash offer of €1.40 per share (which valued Aer Lingus Group Plc at €748m), Ryanair acknowledges that its Offer cannot now be successful and accordingly the Offer is now withdrawn."