If Aer Lingus stock was so undervalued then its stock price would be well above the €1.04 it finished at on Friday, in fact well above the €1.30 of the last bid, the market doesn't think it is................not a shock really.
If 'The Market' believed the FR bid was certain to succeed that share price would be pegged at 1.30 since the bid announcement.
Seems the market doesn't believe it either.