Apollo Gatecrashes easyJet's Takeover Flight

easyJet’s takeover contest escalated after Apollo Global Management made a higher bid, expanding a fast-moving auction for the budget airline. The carrier agreed in principle to a £5.7 billion (about $7.6 billion) proposal from Apollo that values easyJet at £7.15 per share, topping an earlier £6.90 per-share offer from Castlelake. easyJet said Apollo’s terms represent a superior outcome for shareholders and that its board is no longer minded to recommend the Castlelake bid. Under UK takeover rules, Apollo has until August 7 to make a firm offer or walk away, while Castlelake’s deadline is August 3. The process faces potential hurdles under EU airline ownership rules, requiring majority control by EU citizens. easyJet shares rose around 14%–15% after Apollo’s announcement but traded below the £7.15 offer price. The Stelios Haji-Ioannou family still owns about 15%, which could significantly benefit the founder.