Looking over this morning's coverage of yesterday's trading update from Aer Lingus it struck that little has been made of the shenanigans going on between the Irish carrier and its stalker IAG.
I hear from sources that since I published my first bit of RARE a week ago, IAG (or rather advisers to the owner of British Airways) have been going backwards and forwards with a variety raised indicative offers for Aer Lingus.
Well, in case you are wondering what the current state of play is, my sources inform me that IAG's third indicative offer was pitched by its advisers at between EURO 2.60 and EURO 2.70 a share but this has been rejected by the Aer Lingus board. IAG then raised its indicative offer again to between EURO 2.70 a share and EURO 2.85 a share, according to my sources.
Whether any of this will actually be disclosed to the market remains to be seen.
Remember, the above story is RARE! For readers that don't recall what RARE is, here is the definition:
Market gossip that hasn't been tested through formal journalistic channels (public relations executives, bankers etc). The rumour might be total codswallop but then again there may be something in it, so it's worth airing on Betaville.
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