Aer Lingus' share price closed at €2.44 last night, 11c below the formal offer price of €2.55, but actually only 6c below the €2.50 level that IAG will pay itself – the other 5c coming from the dividend the airline would have paid to shareholders anyway.

At the €2.55 price, some members of the Aer Lingus board, management and former management are set to pocket a tidy sum, as set out conveniently by the Irish Independent this morning.

Chairman Colm Barrington’s 300,000 shares have a value of €765,000, while Chief Executive, Stephen Kavanagh’s 282,000 shares are worth €719,000.

Former Chief Executive, Christophe Mueller, who started his new role at Malaysian Airlines recently, holds 710,000 shares worth €1.8m – he also holds options on shares which could be worth an additional €2.2m

Willie Walsh, Chief Executive of IAG, holds 10,600 shares, worth €27,000.