The Board of Norwegian Air Shuttle (NAS) has confirmed that it has received two separate conditional proposals from IAG Group in relation to an acquisition of 100% of the share capital of NAS – but says both undervalue the airline.
A statement by the Board said: “These proposals were reviewed in conjunction with NAS’s 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.”
When asked about a possible deal during IAG’s quarterly earnings call on Friday 4th May, IAG Chief Executive Willie Walsh said: “I am not saying anything about Norwegian.”
Earlier, Akbar Al Baker, Chief Executive of Qatar Airways, which owns a 21% stake in IAG, had said: “Qatar Airways will always support IAG in anything they do because it is a business in which we have a strategic interest. Whatever they do to expand their business it has been thought after well and we will support them.”