Private equity firm launches £5.7bn takeover bid for easyJet

Private equity firm launches £5.7bn takeover bid for easyJet highlights how a major aviation acquisition fight is escalating in Europe. British low-cost carrier easyJet accepted an improved takeover proposal from U.S. private equity firm Apollo on Friday, setting up a bidding battle after Apollo’s offer exceeded a rival bid from Castlelake. easyJet said it agreed in principle with Apollo, valuing the bid at £5.7 billion (about $7.7 billion). The deal terms were based on Apollo’s unsolicited offer of £7.15 per share, topping Castlelake’s £6.90 per share proposal. easyJet stated its board would no longer recommend Castlelake’s bid, describing Apollo as delivering “a superior outcome” for shareholders. Analysts cited valuable take-off and landing slots, growth potential in higher-margin holidays, and an Airbus order book. Shares rose 14.5% to £6.73 in morning trading, still below both offer prices.