Aer Lingus: Ryanair bid 'not credible' According to anna.aero, a specialist in airline networks, a third of the 66 European destinations served by Aer Lingus from Dublin airport this summer face direct competition from Ryanair. The budget airline offers flights to nearby airports on a further 14 of those European routes. The latest €1.3-a-share approach is lower than both of the previous two bids. In 2006, Ryanair offered €2.8 a share within weeks of Aer Lingus becoming a public company. Michael O'Leary, the airline's chief executive, came back two years later with €1.4-a-share approach. Aer Lingus points out that it has more than €1bn of cash on the balance sheet. It also believes the offer significantly undervalues its assets, which include 23 Heathrow take-off and landing slots. The riposte from Aer Lingus came after Ryanair made a full offer on Tuesday. In its offer document, Ryanair, which already holds a 29.8pc stake in Aer Lingus, said conditions in the aviation industry had changed "materially" since 2006.