(MENAFN) Irish airline Aer Lingus backed a USD1.51 billion takeover bid from International Airlines Group, parent of British Airways and Iberia, in a deal aimed at slashing costs, AFP reported.
Aer Lingus confirmed 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 a day after revealing that IAG had submitted a sweetened proposal worth USD2.87 per share, comprising USD2.82 in cash and a dividend of USD0.056 per share.
Whether the deal goes ahead now hinges on major shareholders Ryanair and the Irish government.
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