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Aer Lingus said this afternoon the “extremely low level” of acceptances received by Ryanair for its takeover of the former State airline shows that the offer “significantly undervalues” the company.

Ryanair extended its takeover offer deadline for Aer Lingus until February 13th after receiving acceptances from just 0.01 per cent of shareholders.

Ryanair has offered €1.40 a share for Aer Lingus, valuing the airline at €750 million or half the value of its first offer in 2006, which was blocked by the European Commission on competition grounds.

It said today it has also met with representatives of Tailwind Nominees, which holds approximately 2 per cent of Aer Lingus on behalf of its pilots.

“Ryanair has not provided any indication of how it would construct a viable remedy package under the EC Merger Regulation and therefore there is no basis to believe that the Ryanair offer is capable of completion,” Aer Lingus said in a statement.

Aer Lingus also said it expects to make a profit this year due to cost cuts agreed with staff and a significant reduction in fuel prices.