EasyJet Accepts Higher Takeover Bid From US Private Equity Firm
Apollo Management's offer of £7.15 per share surpasses a previous agreement with Castlelake, making it the preferred option for EasyJet shareholders.
Business & Markets • 3 months ago
EasyJet has agreed in principle to a takeover proposal valued at £5.7 billion from the US private equity firm Apollo Management, surpassing a previously accepted bid. The new offer from Apollo would provide EasyJet shareholders with £7.15 per share, a higher price than the £6.90 per share offered by US investment firm Castlelake.
In light of Apollo's superior offer, EasyJet announced it is no longer inclined to recommend Castlelake's bid. The airline stated that Apollo's proposal delivers a better outcome for its shareholders. The initial agreement with Castlelake was made in principle over the weekend, but the subsequent Apollo bid has altered the landscape for the no-frills airline.