Norwegian has this morning confirmed it has rejected two bids from International Airlines Group (IAG) for a takeover of the low-cost carrier.
In a statement Norwegian said that it was responding to IAG comments made today (May 4), stating that:
“The Board of Norwegian Air Shuttle (NAS) confirms that it has received two separate conditional proposals from IAG Group in relation to an acquisition of 100 percent of the share capital of NAS.
“These proposals were reviewed in conjunction with NAS’ financial and legal advisers, and were unanimously rejected on the basis that they undervalued NAS and its prospects.
“The Board of NAS remains fully committed to delivering on its stated strategy, for the benefit of all NAS shareholders.”
The comments Norwegian is referring to relate to IAG’s first quarter results presentation which has been published today, in which the group said it “has had contact with the Norwegian Board regarding a possible offer, without reaching an agreement”, adding that “IAG is currently considering its options in relation to Norwegian”.
Last month IAG confirmed it had taken a 4.61 per cent minority stake in low-cost carrier Norwegian, in what it said at the time “could eventually lead to a full offer for the airline”.