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 statement.

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. destinations.

However, Norwegian has struggled financially. In 2017, it lost $38.5 million while European airlines overall recorded profits of nearly $10 billion.

In a statement, IAG confirmed that it has had discussions with the Norwegian board.

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