I cannot imagine that any regulator would allow RYR/EZE to combine their businesses. To start with they already have a monoplly as defined by the relevant EU regulations at STN, LTN, DUB and that would be extended in any merger. In any event Stelios still controls 41% of EZE and no one could buy the company without his approval. There is no indication that any such thing is likely.
What is much more likely is that EZE is considering going private in order to funs an acquisition without the gaze of the stock market. Jet2/Globespan are obvious opions and they both need greater and more cost effective marketing, which EZE could easily provide.
It is also likely that EZE will be considering a realignment of its Airbus orders. The A319 is already looking to be too small for many LGW routes and some A320's and maybe even A321's are needed there. Acquisitions and amending aircraft orders could be done much more easily by taking the company private.
Why Air Atlanta would wish to but sgares beats me. It is really only an ACMI operator and has no possibility of gaining the approval of Stelios. It would not bring any strengthening of the business.
We shall see.