The Irish government on Thursday formally rejected Ryanair's bid to acquire rival Aer Lingus, emphasizing it would not sell its 25 percent stake in the airline at the Ryanair offer of ¤1.40 ($1.81) per share. Transport Minister Noel Dempsey said Ryanair's offer, declared on Dec. 2 and due to expire Feb. 13, «greatly undervalues» the true asset worth of Aer Lingus, the formerly state-controlled airline that went private in 2006. Dempsey did not rule out a future government acceptance if Ryanair raised its offer, but emphasized a fear that any merged Ryanair-Aer Lingus airline would create an expensive, less efficient monopoly.
