EasyJet and US private credit firm Castlelake are in talks after a series of takeover attempts. The latest approach values the airline at about £5bn, with EasyJet’s board stating it is minded to recommend a proposal from Castlelake and describing earlier bids as “highly opportunistic” and an attempt to buy the company “on the cheap.” Reporting across outlets indicates EasyJet previously rejected Castlelake bids around £4.7bn (625p per share) and later a higher offer referenced at 6.25 per share. Despite the rejections, the companies now announce an agreement in principle on a deal of roughly £5bn, which would take EasyJet private. EasyJet also asks for an extension to the deadline to complete the transaction formally, following weeks of negotiations and multiple rejected offers. One outlet adds that some of EasyJet’s top shareholders continue to press for a higher offer level, with support contingent on Castlelake raising its price further (including references to targets above 625p per share, such as £7 per share). Shares react positively after the board’s stance on the latest proposal is reported.
EasyJet reaches in-principle agreement with Castlelake amid rejected takeover offers
EasyJet and US private credit firm Castlelake are in talks after a series of takeover attempts. The latest approach values the airline at about £5bn, with EasyJet’s board stating it is minded to recom...
- EasyJet and Castlelake reach an in-principle agreement for a takeover valued at about £5bn.
- EasyJet previously rejects Castlelake takeover offers, describing them as opportunistic and aimed at buying the airline cheaply.
- The latest proposal is discussed in the context of offers around 625p per share, with later references to 6.25 per share.
- EasyJet requests an extension of the deadline to complete the takeover formally.
- Some major EasyJet shareholders support a higher price, with references to a requirement for offers above the earlier 625p level.
A bidding war has broken out for budget carrier easyJet after Apollo and Castlelake have both submitted takeover offers.
1 month agoLow-cost airline says offer ‘delivers a superior outcome for easyJet shareholders’
1 month agoEasyJet Plc received a fresh offer from private equity firm Apollo Global Management for 715 pence a share that beats a rival proposal from Castlelake LP, a surprise twist that sets up a possible bidding war between the two US investment funds.
1 month agoEuropean low-cost pioneer is set to be bought by private credit group Castlelake for £5.5bn three decades after its launch
1 month agoeasyJet's board has finally agreed to a $7.3 billion takeover bid from US investment firm Castlelake, ending weeks of tense negotiations.
1 month agoEasyJet shares jump almost 10% after it agrees £5.5bn takeover bid The GuardianEasyJet agrees 'in principle' to £5.2bn takeover deal BBCEasyJet reaches outline agreement on £5.5bn takeover by Castlelake Financial TimesThis American Investor Is Betting Big on a European Budget Airline WSJEasyJet agrees £5.5bn takeover offer from US investment firm The Times
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