Those of you who thought International Airlines Group (IAG) were going have a clear shot at Norwegian Air Shuttle – prepare for a surprise.
Norwegian Boeing 737-800 at Dublin Airport – Image, Economy Class and Beyond
The wording of the press release is rather simple:
The Board of Norwegian Air Shuttle (NAS) confirms that it has received two separate conditional proposals from IAG Group in relation to an acquisition of 100 percent of the share capital of NAS.
These proposals were reviewed in conjunction with NAS’ financial and legal advisers, and were unanimously rejected on the basis that they undervalued NAS and its prospects. The Board of NAS remains fully committed to delivering on its stated strategy, for the benefit of all NAS shareholders.
Bottom line: If IAG want Norwegian, they’re going to have to stump up more money for it.
Get ready for the long dance that is the joy of mergers and acquisitions.
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