British Airways owner IAG SA raised its bid for Aer Lingus Group Plc for a second time in a push to expand at London Heathrow and grow trans-Atlantic routes.

The revised proposal of 2.55 euros ($2.86) a share comprises a cash offer of 2.50 euros and a cash dividend of 5 cents a share, Dublin-based Aer Lingus said in a statement today. The offer still requires board approval and the sign off of the Minister for Finance of Ireland as well as Ryanair Holdings Plc, Aer Lingus’s biggest shareholder.

Buying the Irish carrier will add scarce take-off and landing positions at Heathrow, Europe’s busiest hub, where British Airways is the No. 1 carrier. The company, which acquired the former British Midland in 2011 to gain slots, saw two offers spurned by the board, forcing it to return with a sweetened proposal as it aims to add a fifth carrier to its stable of European airlines.

“The board is considering the revised proposal,” Aer Lingus said. “There can be no certainty that any offer will be made nor as to the terms of any offer.”

This article was written by Kari Lundgren from Bloomberg and was legally licensed through the NewsCred publisher network.

Photo Credit: Ground crew are seen parking an Aer Lingus Airbus A320 away from the passenger terminals at Dublin Airport, in the Republic of Ireland. Paul McErlane / Reuters