Norwegian Air Shuttle has rejected two acquisition offers
from British Airways parent IAG.
"These proposals were reviewed in conjunction with NAS's
financial and legal advisers, and were unanimously rejected on the basis that
they undervalued NAS and its prospects," the discount carrier said in a
Both IAG proposals, the company said, were for 100% of
Norwegian share capital.
IAG acquired a 4.61% share of Norwegian on April 12.
Since beginning U.S. service in 2013, Norwegian has
transformed the transatlantic air market with its low-cost, a la carte pricing
model. This summer, Norwegian will fly approximately 60 routes to 14 U.S.
However, Norwegian has struggled financially. In 2017, it
lost $38.5 million while European airlines overall recorded profits of nearly
In a statement, IAG confirmed that it has had discussions
with the Norwegian board.