It's been rumoured for a while and EI
shares rose on those rumours, and now it's been confirmed
has formally put in a bid for Aer Lingus that was rejected. Not uncommon at this stage; normally a board will reject the first offer then subsequent improved offers happen or are negotiated. Ryanair will need to be involved as they own roughly a quarter of Aer Lingus shares.
If it succeeds then Aer Lingus could be heading back to Oneworld