Castlelake LP made public its £4.74 billion, or $6.3 billion, takeover proposal for easyJet after the British budget airline's board rejected three separate bids. The latest offer of 625 pence per share in cash was rejected on June 21, with the board calling it highly opportunistic and saying it fundamentally undervalues the company. Castlelake disclosed the proposal directly to shareholders ahead of a June 26 regulatory deadline, noting the offer represents a roughly 59% premium to easyJet's closing price before the bid interest was revealed. The proposed deal includes a structure where Castlelake's stake would be capped at 49% to comply with EU ownership rules, with EU nationals holding the remaining 51%, though easyJet described the ownership structure as opaque and raised concerns about elevated leverage. EasyJet's board advised shareholders to take no action and remains focused on its target of more than £1 billion in annual pretax profit.
EasyJet PLCCastlelake made public a £4.74bn takeover bid at 625p/share, a 59% premium, which is positive for shareholders even though board rejected it.
Castlelake is the bidder; the news is about its offer being rejected, but the disclosure may pressure easyJet's board or attract other bidders.