Aer Lingus, Ireland's former state owned carrier, has drafted in Goodbody Stockbrokers to help bolster its defences after rejecting a hostile €1.5bn ($1.9bn) takeover bid from local budget rival Ryanair.

Aer Lingus' board unanimously rejected Ryanair's surprise offer, worth €2.80 per share, in a statement to the London Stock Exchange late yesterday. The rejection came hours after Ryanair snapped up a 16% stake in Aer Lingus for roughly €200m within a week of Aer Lingus' privatisation, and announced plans to bid for the rest of the shares.