It is MOL who keeps banging on about the LCC industry "blood-bath" with a result of just two or three big low-cost airlines with a couple of niche players, but I'd imagine that Ryanair are more keen on organic growth, as it's cheaper and less complicated to muscle a competitor out of the arena rather than buy somebody out. On the other hand, they have a massive amount of 737s on order with a need to put them all somewhere, so buying out and turning around a smaller, less successful airline and gaining a ready made workforce might be on the cards, like with buzz a few years previously.