easyJet's board unanimously rejected an unsolicited £4.74 billion cash takeover offer from private equity firm Castlelake, saying the 625 pence per share bid undervalues the airline. The offer was Castlelake's third in less than a week, after initial proposals of 560 pence and 600 pence per share. easyJet shares rose more than 4% to around 525 pence as investors priced in a potential higher bid or a direct shareholder fight. Castlelake already holds a 2.14% stake and proposed a European Union-based holding company structure to meet ownership rules, with former Ryanair and easyJet executive Peter Bellew and aviation consultant Mark Breen as majority partners. The board refused to open its books, arguing the bid arrives just as the airline's fleet renewal and fast-growing easyJet Holidays division are set to deliver stronger profits, with a medium-term pre-tax profit target of more than £1 billion. Under UK Takeover Code, Castlelake must announce a firm offer by Friday at 5 p.m. or walk away.
EasyJet PLCRejected low bid as undervaluing the company, signaling potential higher offer or shareholder value
Ryanair Holdings plc
NVIDIA CorporationBid rejected, board refused to open books, may need to raise offer or walk away