EasyJet suitor reveals takeover approach worth £4.7bn after...

EasyJet’s potential takeover by Castlelake has entered a more formal public phase after the budget airline dismissed three offers. Castlelake said it submitted a third approach on June 20 at 625p per share, valuing the bid at £4.74 billion, but easyJet rejected it on June 21. The US investment fund argued that easyJet had refused to engage “meaningfully,” prompting the suitor to present the proposal directly to shareholders. It noted it previously tabled proposals at 560p and 600p per share and holds about a 2.14% stake in easyJet through shares held for funds it manages. The announcement precedes the Takeover Panel’s “Put-up or Shut-up” deadline at 5pm on June 26. Castlelake said the latest bid offered “compelling value,” representing a premium of around 59% versus easyJet’s 394.20p share price at the May 28 close.