Overview
- The easyJet board unanimously rejected Castlelake’s third informal proposal of 625 pence per share on Monday, calling the approach highly opportunistic and saying it undervalues the airline.
- Castlelake made the offer public to ask shareholders to give their views and to put pressure on the board ahead of the UK takeover ‘put‑up‑or‑shut‑up’ deadline at 5pm on 26 June.
- To meet EU rules that require majority EU ownership of carriers, Castlelake proposed a vehicle owned 49% by Castlelake and 51% by EU nationals led by Peter Bellew and Mark Breen.
- Castlelake says the bid is fully funded through committed equity and debt with reports that Goldman Sachs could arrange financing, and the firm already holds about a 2.1% stake in easyJet.
- Markets lifted easyJet shares by roughly 3–5% after the moves and the company says short‑term pressures from the Middle East conflict and fuel costs have depressed the stock while it pursues medium‑term profit targets; the outcome now depends on shareholder reaction, major holders such as Stelios, and regulatory checks.