O’Leary: Aer Lingus' share price to fall if takeover bid fails
Ryanair Chief Executive Michael O'Leary is predicting that Aer Lingus's stock price will plummet if shareholders do not accept his offer of €2.80 per share.
In a letter sent to shareholders, the Ryanair head urges them to accept his offer and warns that it will not be increased.
Mr O'Leary claims that Aer Lingus is overstaffed, that it pays too much for its aircraft and that it pays too much in airport charges.
He accuses the current management team of taking credit for progress made under the tenure of the previous head Willie Walsh.
The Ryanair boss also claims that the company's 2006 figures show a downturn in its fortunes and says management have squandered gains made over the past number of years.
The letter ends with a renewed call for Aer Lingus shareholders to accept Ryanair's bid for the airline, a bid that has already been dismissed by the Government, by the trade unions and by Aer Lingus staff.
