Overview
- EasyJet said on Friday it was “no longer minded to recommend” Castlelake and that the financial terms of Apollo’s 715 pence‑per‑share cash offer were at a level it would be minded to recommend to shareholders.
- Apollo’s 715p proposal values EasyJet at about £5.7 billion and beats Castlelake’s most recent 690p approach, which had earned Castlelake limited access to EasyJet’s books after repeated offers.
- Under the UK Takeover Code Castlelake must firm or withdraw by August 3 and Apollo has until August 7 to formalise a binding offer, so both bidders face tight deadlines for due diligence and paperwork.
- Neither US firm can exercise full control under UK and EU aviation rules, so each must set out credible plans for majority‑European ownership or partners and then win regulator approval before a deal can close.
- The market jumped on the news with EasyJet shares rising about 14 percent, and analysts warn private equity ownership could bring higher fares, asset monetisation or route and staffing changes while founder Stelios and other large shareholders remain key to the outcome.