easyJet says its board is minded to recommend an all-cash takeover offer from US private equity firm Apollo valued at £5.7 billion (about $7.7 billion). Multiple reports state the offer values easyJet at 715 pence per share and that it overtops a previous potential bid from fellow US investor Castlelake, which was reported at 690 pence per share. easyJet also moves to withdraw or end its prior support for the Castlelake proposal, setting up a potential competitive process. Several outlets describe the announcement as triggering a bidding war or auction, because Apollo’s improved terms surpass the rival offer. easyJet’s acceptance in principle and the board’s position are framed as steps toward recommending the Apollo bid to shareholders, with further bids possible. The reports also note the timing of the developments, with Castlelake’s bid described as coming days earlier, and Apollo’s following offer prompting the change in easyJet’s stance.
easyJet agrees in principle to Apollo’s £5.7bn takeover bid, topping Castlelake
easyJet says its board is minded to recommend an all-cash takeover offer from US private equity firm Apollo valued at £5.7 billion (about $7.7 billion). Multiple reports state the offer values easyJet...
- easyJet agrees in principle to a takeover offer from US private equity firm Apollo valued at £5.7 billion (about $7.7 billion).
- Apollo’s offer is reported at 715 pence per share and is all-cash.
- easyJet’s board withdraws or ends support for an earlier proposal from Castlelake at 690 pence per share.
- Apollo’s higher bid surpasses Castlelake’s, leading to expectations of a bidding war or competitive process.
- easyJet indicates the board is minded to recommend the Apollo offer to shareholders.
The offer comes days after Castlelake offered $7.3 billion for easyJet.
2 months agoOnce again a mispriced share price created opening for US raiders to rush inUS private equity firm Apollo enters easyJet bidding warWill any remaining bidders for easyJet please make their way to the boarding gate? In reality, we’ve probably seen the whole cast at this point because the arrival of US private equity firm Apollo, trumping Castlelake’s offer, is a surprise. But the outbreak of a competitive auction will come as a relief to easyJet’s board.For all the fake drama of Castlelake’s five offers, it was an act of timidity on the part of easyJet chair Sir Stephen Hester to surrender at 690p, as argued here earlier this week. Apollo’s 715p, or £5.7bn, is only 3.6% more but at least the first digit is less embarrassing and there is always a chance Castlelake comes back for another go. Continue reading...
2 months agoBritish low-cost airline easyJet accepted an improved takeover proposal from US private equity firm Apollo on Friday, triggering a bidding battle after the new £5.7 billion offer surpassed a rival proposal from Castlelake. Apollo’s offer, valued at £5.7 billion (approximately $7.7 billion), exceeds Castlelake’s bid and marks the start of what analysts described as a […]
2 months agoEasyJet’s board said it would back Apollo’s £7.15-a-share proposal, withdrawing support for Castlelake’s £6.90-a-share offer
2 months agoBritish budget airline EasyJet says it's reached an agreement in principle for a £5.7-billion ($7.7billion) takeover by U.S. private equity firm Apollo, topping a rival offer from fellow American private equity investor Castlelake.
2 months agoThe budget airline easyJet has swung behind a £5.7 billion (€6.6bn) takeover proposal from the US private equity giant Apollo, abandoning its support for a rival American bidder days after agreeing to that offer.
2 months agoThe airline says a bid from US firm Apollo has trumped a previous potential takeover offer from Castlelake.
2 months agoEasyjet has asked investors to accept a rival takeover bid worth £5.7billion from another US investor, as it eyes an exit from the London market.
2 months agoEasyjet has asked investors to accept a rival takeover bid worth £5.7billion from another US investor, as it eyes an exit from the London market.
2 months agoEasyJet weighs $7.7 billion rival takeover offer from Apollo amid Castlelake interest CNBCEasyJet agrees in principle to rival £5.7bn takeover bid from US company BBCCan you speak private equity? It’s a whole other language The TimesApollo trumps Castlelake with $7.65 billion easyJet bid ReutersEasyJet bought by US private equity giant for £5.7bn The Telegraph
2 months agoA bidding war has broken out for EasyJet, the British low-cost airline, with the second American private-equity bid.
2 months agoAirline’s board minded to recommend deal – after accepting rival one from Castlelake earlier this weekBusiness live – latest updatesThe board of easyJet has given the green light to a possible £5.7bn offer from the US private equity firm Apollo, as the low-cost airline becomes the subject of a surprise bidding war.The company’s board said on Friday that it was “minded to recommend” the potential all-cash offer, which values the business at £7.15p a share, to shareholders. Continue reading...
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