While 0.01% of shareholder acceptances is a derisorily low figure, the battle is not over yet. It is possible that MOL when he first issued the bid late in 2008, knew that the bid price was too low, and will now offer a more realistic figure. An improved offer may include a paper/cash mix as part of the bid, rather than pure cash. Getting some form of loan (expensive, but likely to be refinancable at a lower interest rate in 2 years time) should be do-able, since a merged airline would have a near monopoly on air transport to/from Ireland and thus capable of generating plenty of cash.
The controvery over the board compensation scheme at Aer Lingus might just be a red herring that blows over shortly - or it might lead to further enquiries. Ryanair's bid advisers should certainly be working on a way to use this to their advantage - is there anything about director's formal duties in this ? If there are any experts on Irish company law, please speak up !
At the moment it seems unlikely MOL will win the bid, but there is still the possibility of a few surprises yet. Corporate finance battles have sometimes gone on for several months before reaching a conclusion. Let this saga run its course...