Aer Lingus chief executive Dermot Mannion has said he is confident the airline will maintain enough support from shareholders to fend off Ryanair's bid for the airline.
Speaking on RTE Radio's Drivetime, he rejected suggestions that the flotation price was too low, saying €2.20 was a fair price in the market at that time.
Mr Mannion said he did not expect the Government to buy back shares in Aer Lingus.
He said he believed the competition hurdles surrounding a proposed takeover were too high for Ryanair to surpass.
Mr Mannion also said he could not see any circumstances where the management team of Aer Lingus could work with that of Ryanair, and it was 'inconceivable' that the management teams could be integrated.
He rejected claims that the flotation was a 'cock-up', saying the process was 'entirely satisfactory' from Aer Lingus's point of view.
Aer Lingus pilots increase share
A consortium of Aer Lingus pilots has further increased its stake in the airline.
In a statement to the Irish Stock Exchange today, the Irish Airline Pilots Pensions Limited said they bought 300,000 shares yesterday at a price of €2.92.
This brings their shareholding in Aer Lingus from 2.12% to 2.18%.
This stake, combined with the Government's 28% and the 12% owned by the Employee Share Option Trust, means Government and staff own 42% of Aer Lingus.
Ryanair currently holds 19.2% but cannot buy any more shares without raising its €2.80 per share offer.
Unions deny pension plan
Unions at Aer Lingus have dismissed reports that they propose to use the pension fund to buy more shares in the airline.
Sources say newspaper reports this morning that union leaders made the proposal are inaccurate. It is understood the matter was raised briefly at a meeting in the airport last night but was not supported.
The ESOT is believed to be examining possible options for buying more shares.
However, the trustees of the pension scheme - who are independent operators - cannot be instructed to do the same, according to union sources.
