AEP Plantations plans ten-for-one stock split, EasyJet rejects Castlelake's 625p per share bid

AEP Plantations announced a ten-for-one stock split as it seeks to enhance affordability and boost trading liquidity and marketability. The palm oil producer said it currently has 39.97 million ordinary shares outstanding, which would increase to 399.76 million new shares after the split. Trading in the new shares is scheduled to begin on 25 June. At the same time, EasyJet rejected Castlelake’s third and highest non-binding bid of 625p per share, reiterating its board’s stance ahead of a 26 June “put-up or shut-up” deadline. Castlelake’s approach, submitted on 20 June, follows earlier offers at 560p and 600p that were also rejected. Castlelake argued the 625p bid represented a 59% premium to EasyJet’s undisturbed 28 May price and a 71% premium versus the volume-weighted average price since its April interim update. Separately, the FTSE 100 was expected to open higher on Monday after ending the prior session down 0.35% at 10,363.27, per the report.