If history is any guide (and I'm basing this on the Buzz experience), then, IMHO, the most likely outcome should FR purchase EI is that within 3-6 months there is an industrial relations stand off with the newly acquired firm and within 18-24 month EI ceases to exist.
But, that is nothing more than my own personal opinion based on my own assessment of the situation and reference to the only available prior historical data.
How FR would react to achieving a near monopoly position on short haul air links into and out of the State can only be a matter of speculation.
JAS