EasyJet Board Rejects Castlelake's £4.74 Billion Takeover Offer

EasyJet's board has rejected a £4.74 billion takeover offer from the US investment firm Castlelake, describing the approach as 'highly opportunistic'. Castlelake, which manages funds holding approximately 2.14% of EasyJet's shares, made its latest proposal public following three earlier rejections, asserting that EasyJet has been unwilling to engage in meaningful discussions.

The current offer proposes 625 pence per share for EasyJet shareholders, representing a 24% premium on the airline's closing price last Friday. Castlelake must present a firm offer or withdraw its interest by the end of this week.

Castlelake stated its ambition is to 'support EasyJet as a stronger, more resilient European airline under European control', whilst also respecting existing assets and network. The firm also claims to have devised a 'deliverable solution' for the ownership structure to comply with European Union regulations, which mandate majority ownership by EU citizens.