Many many years ago in Australia, the Bond Corporation (run by Alan Bond) made a takeover bid for Tiny Rowlands Lonhro Corporation in London.
Lonhros defence was to get some good forensic accountants to have a good look at the Bond Corporation. What they found was not encouraging, they briefed market analysts and suchlike on the results.
The bid collapsed.
Then Bond bid for the Bell Group, whose founder had just died of a heart attack. Bell was cashed up to the tune of a billion dollars, Bond was successful in gaining control of the company and the cash disappeared.
Bond and some of his fellow Directors spent some time as guests of Her Majesty as a result. It's not the first time that a weak or over extended company tried to buy a fatter competitor to devour.
Does this apply to Ryanair? I don't know.