Ryanair makes another bid for Aer Lingus

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Ryanair is poised to make its second attempt to buy Aer Lingus, after the low-cost airline announced its intention to bid €694m (£560m) for its Irish rival last night. The airline, which already owns 29.82 per cent of Aer Lingus, said its €1.30-a-share cash offer represented a 38.3 per cent premium over last night's closing price. This would value the shares which Ryanair doesn't already own at €486m. Ryanair's second offer came within days of an Office of Fair Trade ruling that its stake in Aer Lingus threatened competition in the British market and asked the Competition Commission to consider sanctions. It comes five years after the group's attempt to buy Aer Lingus was blocked by the European Commission.