Sheikh Muhammad al-Manî`î, professor at Umm al-Qurâ University
The Sunnah with respect to `aqîqah meat is to divide it into three parts.
You and your family should eat one third of it, one third should be given away to others in the form of a gift, and one third should be given away to the needy in the form of charity.
It is even permissible to eat most of it and give small portion away in charity, because you will still have fulfilled the order of eating part of it and giving part of it away.
Source: Islam Today