British Airways parent IAG has this morning (19 June) presented a formal offer for Irish carrier Aer Lingus worth €1.4 billion.
Matching an earlier informal bid, IAG has offered €2.55 euros per share, with concrete offer being sent out to shareholders in Aer Lingus today.
According to reports, the offer comprises a cash payment of €2.50 per Aer Lingus share and a cash dividend of five cent per share, which will initially remain open for acceptance until 5pm on July 16.
"The board of IAG is pleased to announce that the offer document containing the full terms of, and conditions to, the offer and the procedures for acceptance is being posted to Aer Lingus shareholders today," said IAG in a statement.
According to RTE, the offer document promises to keep the airline's brand and head office in Ireland, boost connectivity and keep the Heathrow landing slots for seven years.
It's also reported that Aer Lingus has said it will hold an EGM on July 16 in Dublin to allow shareholders to seek approval of what are known as the connectivity resolutions agreed between IAG and the Government.
