Overview
- Castlelake publicly disclosed a third non‑binding proposal of 625p a share (about £4.7–4.74bn) that it says was made on June 20 to give shareholders a chance to weigh the offer.
- easyJet’s board unanimously rejected the latest approach as opportunistic and undervaluing the airline, saying on June 21 that the offer fails to reflect the company’s medium‑term prospects.
- To meet EU airline ownership rules, Castlelake proposes a 49% Castlelake / 51% EU‑national vehicle involving executives Peter Bellew and Mark Breen, a structure easyJet called opaque and inadequate for assessment.
- Castlelake says financing will combine committed equity and debt with potential arranger support; major shareholders and some institutions say a credible bid would need around 700p per share.
- Under the UK Takeover Code Castlelake must either make a firm offer or withdraw by 5pm on June 26, a deadline that will determine whether shareholders, a European partner or the board decide the airline’s next steps.