EasyJet has given US bidder Castlelake more time to sweeten its £4.9 billion takeover offer after rejecting the latest £6.50 per share approach. The Minneapolis-based investor made its fourth bid, which would give it a 49% stake, with the remainder held by Brookfield Asset Management and European nationals Peter Bellew and Mark Breen. The airline’s board said the offer still substantially undervalues the company and raises deliverability concerns, but agreed to provide limited commercial information after Castlelake indicated it hopes to improve its proposal. Castlelake now has until July 5 to make a final offer, while easyJet seeks assurances over the ownership structure and compliance with European ownership rules.
EasyJet PLCEasyJet received a takeover approach at £6.50/share, which the board rejected as undervaluing the company, but the bidder may improve its offer.
Brookfield Asset Management Ltd.Brookfield is part of the bidding consortium; outcome uncertain.