Summary
EasyJet said that a possible takeover offer from a US investment fund called Castlelake is "highly opportunistic" because it comes when EasyJet’s share price is low due to worries about the war in the Middle East. Castlelake owns a small part of EasyJet and has until June 26 to make a formal offer or stop trying.Key Facts
- EasyJet’s share price dropped 31% over the past year, partly due to concerns about the war in the Middle East.
- Castlelake, a US investment fund, owns about 2.14% of EasyJet’s shares.
- Castlelake values EasyJet at a minimum of £3.06 billion ($3.89 billion).
- EasyJet has not yet received any official takeover proposal from Castlelake.
- EasyJet says it has a strong financial position and aims to make over £1 billion in pre-tax profits in the medium term.
- The company reported a half-year pre-tax loss of £552 million ($700 million), larger than the loss a year earlier.
- Castlelake must decide to make a firm offer or walk away by June 26 under UK takeover rules.
- Castlelake has experience in airline investments, including talks with Spirit Airlines and involvement with Scandinavian Airlines.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.
