EasyJet says US bidder trying to buy it 'on the cheap' as it rejects £4.7bn offer
Summary
EasyJet has rejected a £4.74 billion takeover offer from the US investment company Castlelake, saying the bid undervalues the airline. Castlelake has made three offers this month and wants to make a final firm offer by Friday, proposing a plan that keeps EasyJet majority-owned by European citizens.Key Facts
- EasyJet rejected Castlelake's £4.74 billion takeover bid, calling it too low.
- Castlelake has made three takeover attempts this month, all turned down by EasyJet.
- The latest offer values EasyJet shares at 625p each, 24% higher than last week’s price.
- Castlelake owns about 2.14% of EasyJet through its managed funds.
- EU rules require EasyJet to be majority-owned by EU citizens.
- Castlelake proposes partnering with two EU nationals, Peter Bellew and Mark Breen, to meet ownership rules.
- Peter Bellew is a former EasyJet chief operating officer; Mark Breen is an aerospace consultant.
- EasyJet describes the proposed ownership setup as unclear and says it doesn’t prove the takeover can be done.
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