Irish carrier Aer Lingus accepts IAG takeover bid

Irish carrier Aer Lingus yesterday backed a 1.35-billion-euro ($1.51-billion) takeover offer from International Airlines Group, parent of British Airways and Iberia. Aer Lingus announced in a statement that its board was "willing to recommend" IAG's improved proposal - its third since December - subject to certain conditions. The Dublin-based airline announced the news one day after revealing that IAG had submitted a third takeover proposal worth 2.55 euros per share, comprising 2.50 euros in cash and a dividend of 0.05 euros per share. The company added the takeover now hinges on approvals from its two biggest shareholders, Ryanair and the Irish state. And it stressed that IAG plans to operate Aer Lingus as a separate business with its own brand.