String them along
Not in the business but...
Ryanair could be stringing all the players along to make life difficult for all.
1. Potential buyers would know that they are not the only candidate, possibly increasing the cost of a deal.
2. LH may or may not be keen to sell to Ryanair but if they thought "money" was there then maybe.
3. Finally, Ryanair could just pull-out near the end and leave all of the players high and dry. No buyer, no sale, BA get a reduced price.
Not sure of the legalities but Ryanair would play it mean.
BTW - I'm a baby supporter, flew 'em last month and going to Portugal at end of month.