Castlelake Took Its EasyJet Bid Public After Three Rejections

Castlelake moved EasyJet’s takeover bid into the public markets after three rejections, using UK takeover rules to raise pressure on EasyJet’s board. Under those rules, once a bidder sets a deadline, the target must respond within a specified timeline, and Castlelake’s offer has increased in steps from £56 to £60 and then to £62.5 per share. The bidder is also addressing EU airline ownership requirements that generally require EU nationals to hold majority ownership and control. Castlelake said its proposed structure, involving executives Peter Bellew and Mark Breen, is designed to mirror setups used by other European airlines to comply. It also proposed a “partial equity” option, allowing some shareholders to roll part of their stake into a privately held EasyJet rather than taking all cash. For markets, the deal clock runs until June 26, turning the stock into a “deal risk” story while regulators and boards assess financing and governance acceptance.