LONDON: Ireland’s low-cost carrier Ryanair finally accepted International Airlines Group’s bid for its near 30 percent stake in Irish ival Aer Lingus, clearing the way for end of a drawnout takeover.

IAG, parent of British Airways and Iberia, had made a takeover bid valuing Aer Lingus at 1.4 billion euros ($1.5 billion) that had been fiercely rejected by Ryanair.

It was unclear why the airline had suddenly changed its mind, especially since the offer has not been revised higher.

“The board of Ryanair Holdings plc today confirmed that it has voted unanimously to accept the IAG offer for Ryanair’s 29.8 percent shareholding in Aer Lingus Group plc,” said a statement from Ryanair, which is the largest single Aer Lingus shareholder.

“The board believes that the current IAG offer maximizes Ryanair shareholder value.”

An IAG spokeswoman said that the group welcomed Ryanair’s statement.

Ryanair was left as kingmaker in the deal after the offer was accepted by the Aer Lingus board and given the green light by the Irish government, owner of 25 percent of the company, in May.

“We believe the IAG offer for Aer Lingus is a reasonable one in the current market and we plan to accept it, in the best interests of Ryanair shareholders,” said Ryanair CEO Michael O’Leary.

“The price means that Ryanair will make a small profit on its investment in Aer Lingus over the past nine years.”

Only last month, Ryanair said it would appeal a “ridiculous” ruling by British regulators to cut its stake in Irish rival carrier and takeover target Aer Lingus on grounds of competition.

Ryanair said it would appeal in light of the fact that British Airways’ parent comapny IAG had tabled an offer for Aer Lingus.

The deal offers Aer Lingus shareholders 2.55 euros per share — comprising 2.50 euros plus a 0.05 euro cash dividend.