Irish airline Aer Lingus has said it is willing to accept a €1.36bn takeover offer from International Consolidated Airlines Group (IAG), the owner of British Airways (BA).

The board of directors of Aer Lingus had received a revised proposal from IAG, which is worth €2.55 a share, up from €2.40, and includes a cash offer of €2.50 a share and a dividend of €0.05.

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The revised proposal is subject to how IAG proposes to address the interests of relevant parties, including Ryanair and the Minister for Finance of Ireland.

"The board notes IAG’s intentions regarding the future of the company, in particular that Aer Lingus would operate as a separate business."

Aer Lingus had earlier rejected two bids from IAG last year.

Aer Lingus said in a statement: "IAG has indicated that it would only proceed with its third proposal with an indication from the Board of Aer Lingus that it would be willing to recommend the financial terms of the revised proposal.

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"Having considered this request, the board has indicated to IAG that the financial terms are at a level at which it would be willing to recommend, subject to being satisfied with the manner in which IAG proposes to address the interests of relevant parties.

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"The board notes IAG’s intentions regarding the future of the company, in particular that Aer Lingus would operate as a separate business with its own brand, management and operations, continuing to provide connectivity to Ireland, while benefiting from the scale of being part of the larger IAG group."

Currently, Aer Lingus directly employs around 3,900 people, 2,100 of which are described as ground staff in areas such as clerical, operative and back office roles. It is the fourth largest operator at Heathrow after BA, Lufthansa and Virgin Atlantic.