In order to smooth the deal and ease any concerns of a negative impact on Irish tourism, IAG said the airline would continue to hold its existing slots at London Heathrow operate its current daily winter and summer scheduled frequencies between London Heathrow and Dublin, Cork and Shannon for at least seven years post-acquisition scheduled international flights would continue under the Aer Lingus brand and its head office would remain in Dublin. “Furthermore, the IAG board expects the transaction to deliver compelling financial benefits and value creation for IAG shareholders.” “The acquisition is expected to provide substantial benefits to both IAG and Aer Lingus customers through an enhanced network, particularly to North America, using Dublin as a natural gateway hub for transatlantic routes. IAG, the parent group of British Airways and Iberia, said in a statement: “The IAG Board believes that the acquisition of Aer Lingus has a compelling strategic and financial rationale for the IAG Group at an attractive price for Aer Lingus Shareholders. The Irish government has agreed to sell its 25% stake but its other major shareholder, Ryanair, which has a 29.8% stake, has yet to make a decision. The two companies recommended an offer of €2.55 per Aer Lingus share and the payment of a cash dividend of €0.5 per share. IAG’s latest takeover bid for Aer Lingus has been accepted by the Irish airline’s board, with both companies reaching agreement on a recommended offer that values the company at €1.4bn.
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