EasyJet has aligned the bidding deadlines for Apollo Global Management and Castlelake LP, giving both firms until 5 p.m. on Friday, August 7 to declare a firm intention to make an offer or announce they will not proceed. The Panel on Takeovers and Mergers consented to an extension of Castlelake's original put up or shut up deadline, which had been set for August 3, while Apollo's deadline of August 7 remains unchanged. Both firms have had access to due diligence materials, and under U.K. takeover rules each must now announce a firm offer or confirm it does not intend to make one by the Friday deadline. EasyJet cautioned that there can be no certainty any firm offer will be made and advised shareholders to take no action. The two firms have been competing to acquire the entire issued share capital of easyJet, with the board having agreed in principle to a £7.15 per share cash offer from Apollo on July 10, a proposal valued at roughly £5.5 billion, and indicating it was no longer minded to recommend Castlelake's earlier offer of £6.90 per share.
EasyJet PLCBidding deadlines aligned, but no certainty of offer
Apollo Global Management LLC Class AApollo's bid deadline extended, but outcome uncertain