Norwegian Air Shuttle (NAS), the fast-growing low cost carrier, has rejected a takeover proposal from IAG Group, the owner of British Airways, Iberia, Aer Lingus, Vueling and Level.
A short statement from the Norwegian carrier said: "The Board of Norwegian Air Shuttle confirms that it has received two separate conditional proposals from IAG Group in relation to an acquisition of 100% 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."
In April this year, IAG confirmed that it had taken a 4.6% stake in NAS, saying it considered Norwegian to be "an attractive investment".
