EasyJet agrees in principle to rival £5.7bn takeover bid
Summary
EasyJet has agreed in principle to a £5.7 billion takeover offer from US firm Apollo Management. This offer is higher than a previous bid from US investment firm Castlelake, and EasyJet's board prefers Apollo's proposal for its shareholders.Key Facts
- EasyJet is a major European airline with over 19,000 employees.
- It flies about 1,200 routes in 35 European countries.
- Apollo Management offered £7.15 per share in its takeover bid.
- This bid is higher than Castlelake’s earlier offer of £6.90 per share.
- EasyJet’s board no longer supports Castlelake’s offer.
- Apollo must make a firm bid by 7 August or withdraw.
- Castlelake’s deadline for a firm offer is 3 August.
- European Union rules require EasyJet to be majority-owned by EU citizens.
- Castlelake planned a partnership with two EU businessmen to meet EU ownership rules.
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