Under Irish Takeover Panels rules, Ryanair's recent takeover Offer for Aer Lingus has lapsed and is no longer capable of completion following the European Commission's decision to undertake an in-depth examination (a Phase II examination) of the offer under EU merger control rules.
The Commission announced its decision to undertake an in-depth examination of the Offer on 29th August as its initial Phase I examination indicated potential competition concerns. As a Phase II examination was announced before the closing date for the Offer, the Offer automatically lapsed under Irish Takeover Panel Rules and cannot now be completed. The preliminary date for a Decision by the EU Commission for completion of its Phase II examination is 14 January 2013.