Ryanair's CEO Michael O'Leary has said that Aer Lingus faces a bleak future unless it becomes a subsidiary of his company.
Mr O'Leary, who today published the offer document for the Aer Lingus bid, said Ryanair is the national carrier's only secure partner.
Ryanair, which already owns almost 30% of Aer Lingus, said in the offer document that other investors should vote in favour of a creation of a united Irish airline by January 5.
Mr O'Leary said that Aer Lingus faces financial losses for this year and 2009 and pointed out that its management had recently admitted the airline needed a partner.
He said that if Aer Lingus entered into a partnership with a big European carrier it would become a small part of a non-Irish group. But with Ryanair it would form one big Irish airline that would be one of the four largest in Europe, he added.
The Ryanair boss said that if the offer is accepted, Ryanair would guarantee to the Government that it will keep the key Heathrow slots as well as reduce Aer Lingus' fares and not allow fuel surcharges.
He also said that Aer Lingus workers would get €137m through their shareholding, while the Government would get €188m
Mr O'Leary said the €1.40 a share offer is nearly 30% higher than Aer Lingus' quoted share price.
Aer Lingus says there is nothing new in today's offer document from Ryanair.
'This document contains nothing new. It is the usual stream of invective, spin and misrepresentation that we expect from the people at Ryanair,' said Aer Lingus Chairman Colm Barrington.
'It is a desperate last effort to create an airline monopoly in Ireland, and is clearly not in the interests of Aer Lingus shareholders and the travelling public,' Mr Barrington said.
'Aer Lingus is and will continue to be a strong independent airline. Ryanair clearly needs Aer Lingus but we do not need Ryanair,' he concluded.
Aer Lingus shares closed six cent lower at €1.43 this evening in Dublin, while Ryanair shares lost 13 cent to end at €2.79.
