Irish ministers responded cautiously yesterday to Ryanair's latest hostile bid for Aer Lingus, the Irish flag carrier, in sharp contrast to their immediate rejection of the first bid two years ago.

Ryanair renewed the attack on its local rival with the launch of an opportunistic all-cash offer valuing Aer Lingus's equity at €748m ($946m). The airline had net cash after operating leases of €467m at the end of September.