Ryanair bid fightback by Aer Lingus

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Earlier this month, Ryanair launched its second hostile takeover bid for Aer Lingus in two years, this time valuing the former State-owned flag carrier at €748 million (£705 million).

Ryanair boss Michael O'Leary said a takeover by his budget airline is the only option for Aer Lingus in a lossmaking industry.

Opening his defence of the takeover, Aer Lingus chairman Colm Barrington told investors not to sell out, saying an independent Aer Lingus has a future.

"Ignore Ryanair's threats, contradictions and insinuations," Barrington wrote. "Aer Lingus is a strong, growing cash-rich and valuable airline that is dedicated to providing its customers with choice and a high-quality product."