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

Casteklake has made public a revised takeover approach for easyJet after the airline rejected its third offer. The private credit firm said it tabled a bid on 20 June of 625p per share, which easyJet rejected on 21 June, bringing the total value of the proposal to about £4.74 billion. Castlelake said easyJet has refused to engage “meaningfully,” and it is therefore notifying shareholders so they can assess the terms directly. The company said it had previously made two proposals at 560p and 600p, and that its stake is about 2.14% of easyJet through shares held for funds it manages. The timetable is set ahead of a 26 June 5pm “put-up or shut-up” deadline set by the Takeover Panel. Castlelake claimed the latest offer offered around a 59% premium to easyJet’s 28 May closing price of 394.20p. easyJet previously branded Castlelake’s interest as “highly opportunistic” on June 1, citing pressure on the share price amid concerns about the Iran war’s impact on the sector.