Timeline of the Aer Lingus bid so far

December 14th , 2014: Aer Lingus rejects a €1.23 billion approach from International Consolidated Airlines' Group (IAG) saying that it undervalues the Irish company.

December 18th: Aer Lingus and IAG confirm details of the approach following media and market speculation. December 29th: Aer Lingus rejects a second approach from IAG, this time worth €1.28 billion, saying it undervalues the company.

January 9th, 2015: The pair confirm the second approach as investors buy 3.9 million Aer Lingus shares on the back of speculation about a deal.

January 26th: IAG confirms that it has upped the price it is willing to pay for Aer Lingus to €2.55 a-share or €1.36 billion.

January 27th: Aer Lingus board says it is willing to recommend this offer to shareholders.

January 27th: Government asks an inter-departmental group to review the possible sale of the State's 25.1 per cent stake in the airline.

February 2nd: IAG chief executive, Willie Walsh, says the group will give the Government a "legally-binding" veto on the sale Aer Lingus's valuable slots at Heathrow Airport.

February 12th: Walsh tells Oireachtas transport committee that IAG would guarantee Aer Lingus services between the Republic and Heathrow for five years, but no more.

February 16th: Aer Lingus names chief strategy and planning officer, Stephen Kavanagh as its new chief executive.

February 17th: Kavanagh and Aer LIngus chairman, Colm Barrington, tell Oireachtas transport committee that a sale to IAG would boost growth and add up to 200 jobs.

February 24th: The Minister for Transport, Tourism and Sport, Paschal Donohoe, rejects IAG's commitments on jobs and slots but says the Government is open to improved proposals.

May 26th: Government confirms that Cabinet will discuss possible sale of the State's stake.