Castlelake walks away from easyJet pursuit amid bidding war - AOL

Castlelake has ended its months-long pursuit of a takeover of easyJet, saying Thursday it will no longer advance the bid for the European low-cost carrier. The Minnesota-based aviation investor cited no specific reason for withdrawing, but said it was “very appreciative” of engagement with easyJet’s board and management. Castlelake’s decision comes weeks after rival suitor Apollo Global made a higher offer. The withdrawal ends a campaign in which Castlelake made five proposals for easyJet, including a £6.90 per-share bid announced July 5 that valued the airline at £5.5 billion (about $7.41 billion). easyJet shares were down 4.8% at the time of the report.