On 20 June 2012, Aer Lingus issued a press release stating that having reviewed Ryanair's proposed offer, the company board rejected it and advised the company's shareholders not to take any action concerning it. The statement pointed out that any offer from Ryanair was unlikely to be capable of completion due to, firstly, the EU Commission's 2007 decision to block the airline's bid for Aer Lingus at the time, and, secondly, the UK Competition Commission's ongoing investigation of Ryanair's minority stake in Aer Lingus. Furthermore, the press release stated that the Aer Lingus board believed that Ryanair's offer undervalued Aer Lingus, considering the airline's profitability and balance sheet, including cash reserves over €1 billion ().