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Aer Lingus says IAG bid undervalued airline

Reuters

DUBLIN (Reuters) - Aer Lingus (AERL.I) this week rejected a takeover bid from British Airways owner IAG (ICAG.L) because it "fundamentally undervalued" the business, the Irish airline said on Thursday.

"The board confirms that on 14 December 2014 it received a preliminary, highly conditional and non-binding approach from IAG," Aer Lingus said in a statement after IAG announced its bid had been rejected.

"The Board has reviewed the proposal and believes that it fundamentally undervalues Aer Lingus and its attractive prospects," it said.

(Reporting by Conor Humphries; Editing by Pravin Char)