The chief executive of
Ryanair, Michael O’Leary, has
appealed to workers at rival Aer Lingus to accept his offer for the company by
offering a tax-efficient scheme for the employees to dispose of their shares.
Ryanair has made a €2.80-per-share, or €1.48bn (£990m), offer for the
Lingus, and is now attempting to lure members of the Aer Lingus employee
share ownership trust, which controls 12.9% of the airline, by offering scheme
that will allow them to sell off their holding without paying any tax.
According to the FT the scheme will allow
members to reinvest the proceeds of the sale of Aer Lingus shares in Ryanair
stock, and then sell the Ryanair shares at a later date without incurring tax.
‘You can take €2.80 a share now in a tax free manner and isolate yourself
from the volatile earnings record of Aer Lingus or you can turn it down, in
which case you are likely to be sitting on shares which will be illiquid and
will probably fail,’ O’Leary was quoted as saying.
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