Ryanair published its offer document for rival Irish airline Aer Lingus on Tuesday, adding detail to a EUR€694 million (USD$849 million) bid which will come before competition authorities.
Europe's largest budget carrier launched its third offer for Aer Lingus on June 19, offering shareholders EUR€1.30 per share in a bid to increase its stake to at least 50 percent from just under 30 percent.
Ryanair needs the approval of the European Commission, which in 2007 blocked an earlier bid on competition grounds.
In a letter to Aer Lingus shareholders, Ryanair chief executive Michael O'Leary said circumstances had changed materially since its unsuccessful bid in late 2006, citing the continued consolidation of flag-carrying airlines, a big fall in traffic at Dublin airport and the government's decision to sell its 25 percent stake in Aer Lingus.
"There are compelling reasons why the cash offer should be accepted by a majority of Aer Lingus shareholders, and should also be approved by the EU competition authorities in light of these changed circumstances," O'Leary said.
Ryanair had to make an announcement on its intention for Aer Lingus by Tuesday. It said the offer was open for acceptance until September 13.
Last month, Aer Lingus said shareholders should reject the bid from Ryanair.
