LONDON (ShareCast) - (Sharecast News) - Budget airline EasyJet has rejected Castlelake's third and highest non‑binding proposal as the private equity firm urged shareholders to consider the terms ahead of the 26 June "put‑up or shut‑up" deadline.
The 625p per share non-binding proposal, submitted on 20 June, followed earlier proposals at 560p and 600p, both of which were also rejected by the airline's board. Castlelake said it expected the latest offer to prompt engagement but was turned down on 21 June, leading it to disclose the proposal publicly.

Castlelake said the 625p offer represents a 59% premium to EasyJet's undisturbed price on 28 May and a 71% premium to the volume‑weighted average price since the carrier's April interim update. The price was also above any closing level since February 2022 and exceeds all analyst targets published since mid‑April, added the investment firm.

The bidder argued the proposal "substantially de‑risks" EasyJet's business plan and compares favourably with the airline's medium‑term ambition of generating more than £1bn in pre‑tax profit. A partial equity alternative will also be offered to allow some shareholders to remain invested in a privately-owned EasyJet.

Castlelake said it has structured the deal to comply with EU airline‑ownership rules and added that it was ready to begin focused due diligence immediately and could move quickly to a firm offer if granted access. However, it stressed that there was no certainty a formal bid will follow.

As of 0820 BST, EasyJet shares were up 2.06% at 514.40p.





Reporting by Iain Gilbert at Sharecast.com

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