EasyJet suitor reveals takeover approach worth £4.7bn after proposals rejected

EasyJet’s takeover by Castlelake is progressing despite the airline rejecting successive approaches worth billions. Castlelake, a US investment fund/private credit firm based in Luton, made a third takeover proposal on June 20 to acquire easyJet at 625p per share, which easyJet rejected on June 21. The suitor said it is now taking this third offer public to easyJet shareholders after claiming the carrier refused to engage “meaningfully.” It previously tabled two offers at 560p and 600p per share, while owning about a 2.14% stake in easyJet through funds it manages. The proposed £4.74 billion bid comes ahead of a Takeover Panel “Put-up or Shut-up” deadline set for 5pm on June 26. Castlelake argued the bid offered “compelling value,” at roughly a 59% premium to easyJet’s 394.20p close on May 28.