Norwegian Air Shuttle (NAS) said Friday the company had received two separate conditional proposals from International Airlines Group (IAG) to purchase 100 percent of the share capital of NAS, but added that its board of directors had unanimously rejected the proposals.

“These proposals were reviewed in conjunction with NAS’s financial and legal advisers, and were unanimously rejected on the basis that they undervalued NAS and its prospects,” NAS said in a media statement. “The Board of NAS remains fully committed to delivering on its stated strategy, for the benefit of all NAS shareholders.”

Separately, in a slide presentation IAG published on Friday along with its first-quarter financial results, IAG confirmed it had contacted the board of NAS regarding a possible offer for Norwegian, but acknowledged the rebuff and said it now was “considering its options in relation to Norwegian.”

“On 12 April 2018, IAG announced that it had acquired a 4.61 per cent ownership position (minority investment) in Norwegian Air Shuttle ASA (Norwegian),” IAG's presentation noted. “The minority investment was intended to establish a position from which to initiate discussions with Norwegian, including the possibility of a full offer for Norwegian. IAG confirms that it has had contact with the Norwegian board regarding a possible offer, without reaching an agreement.”

Norwegian carries 5.8 million passengers each year from London Gatwick, Edinburgh, and Manchester airports to 50 destinations and employs more than 1,000 UK-based pilots and cabin crew. It operates long-haul flights from London Gatwick to 11 U.S. destinations as well as to Buenos Aires and Singapore and ranks as the third-largest airline at the airport, carrying 4.6 million passengers from there annually.