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

EasyJet takeover talks with Castlelake have intensified after the suitor’s third bid was rejected. Castlelake disclosed that it made a third approach on June 20 to buy easyJet for 625p a share, worth £4.74 billion, but the easyJet board rejected it on June 21. The US private credit firm said it is publishing the offer to shareholders after claiming the airline refused to engage “meaningfully,” following three consecutive rejections. It said it previously tabled offers at 560p and 600p per share and holds about a 2.14% stake in easyJet through shares held for managed funds. The company’s statement comes ahead of the Takeover Panel’s “Put-up or Shut-up” deadline at 5pm on June 26. Castlelake claimed the bid reflected “compelling value,” at roughly a 59% premium to the 394.20p closing price on May 28. EasyJet earlier described Castlelake’s initial approach as “highly opportunistic.”