Timeline of the Aer Lingus bid so far

Cabinet to discuss possible sale

Aer Lingus bid hinges on the airline’s Heathrow slots
Aer Lingus bid hinges on the airline’s Heathrow slots

December 14th , 2014: Aer Lingus rejects a €1.23 billion approach from International Consolidated Airlines' Group (IAG) saying that it undervalues the Irish company.

December 18th: Aer Lingus and IAG confirm details of the approach following media and market speculation. December 29th: Aer Lingus rejects a second approach from IAG, this time worth €1.28 billion, saying it undervalues the company.

January 9th, 2015: The pair confirm the second approach as investors buy 3.9 million Aer Lingus shares on the back of speculation about a deal.

January 26th: IAG confirms that it has upped the price it is willing to pay for Aer Lingus to €2.55 a-share or €1.36 billion.

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January 27th: Aer Lingus board says it is willing to recommend this offer to shareholders.

January 27th: Government asks an inter-departmental group to review the possible sale of the State's 25.1 per cent stake in the airline.

February 2nd: IAG chief executive, Willie Walsh, says the group will give the Government a "legally-binding" veto on the sale Aer Lingus's valuable slots at Heathrow Airport.

February 12th: Walsh tells Oireachtas transport committee that IAG would guarantee Aer Lingus services between the Republic and Heathrow for five years, but no more.

February 16th: Aer Lingus names chief strategy and planning officer, Stephen Kavanagh as its new chief executive.

February 17th: Kavanagh and Aer LIngus chairman, Colm Barrington, tell Oireachtas transport committee that a sale to IAG would boost growth and add up to 200 jobs.

February 24th: The Minister for Transport, Tourism and Sport, Paschal Donohoe, rejects IAG's commitments on jobs and slots but says the Government is open to improved proposals.

May 26th: Government confirms that Cabinet will discuss possible sale of the State's stake.

Barry O'Halloran

Barry O'Halloran

Barry O’Halloran covers energy, construction, insolvency, and gaming and betting, among other areas