Aer Lingus's directors have issued shareholders with a detailed response to Ryanair's takeover offer, in which they urge them not to sell to the Irish budget carrier because its offer is "ill-conceived, contradictory and anti-competitive".

Aer Lingus tells shareholders that its rival's offer misrepresents the Irish flag carrier's future prospects, and "significantly undervalues" the airline. It points out that it has almost halved its unit costs since 2001, and is aiming for an annual return of 15% on its fleet investment. The carrier also notes that it has "significant growth prospects" on short- and medium-haul routes, and is in "prime position for exceptional long-term growth following the delivery of [European-US] Open Skies".

Source: Flight International