After four rejected offers, the Board of UK low-cost carrier easyJet is willing to recommend a fifth offer from Castlelake to its shareholders. A final decision on the takeover bid is due only when the August 3 deadline is met, but a deal seems closer than ever. Once completed, this could drastically shake up the airline industry in Europe.
on Saturday, July 4. The US investor said it wants to acquire “the entire issued and to be issued ordinary share capital of easyJet not already held by Castlelake for £6.90 per share in cash, including a partial unlisted share alternative (the “Fifth Proposal”). In connection with the Fifth Proposal, Castlelake has confirmed that it would agree to a “best endeavours” commitment in any cooperation agreement to obtain any regulatory clearances and approvals required to consummate the transaction.”
When Castlelake announced its intention to make its first offer on May 29, it said it would be for a minimum of 403 pence per share. easyJet rejected this as “highly opportunistic”, as Castlelake had based the lower value of the airline at around £4.0 billion on the recent weaker economic position.
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