The Board of Norwegian Air Shuttle (NAS) has confirmed that it has received two separate conditional proposals from the International Airlines Group (IAG) in relation to an acquisition of 100 per cent of the share capital of NAS.
A statement reads: “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.”
IAG bought a 4.6 per cent stake in Norwegian in April with a view to starting takeover discussions. It said in a presentation today it is “currently considering its options in relation to Norwegian”.