Overview
- Castlelake submitted a third non‑binding proposal worth 625p per share and went public on Monday after easyJet’s board rejected the approach as “highly opportunistic” and not in shareholders’ best interests.
- The bid values easyJet at about £4.74 billion and follows two earlier informal offers of c.560p and 600p per share that were also declined.
- easyJet criticised the proposed ownership plan as opaque because Castlelake would hold 49% and the remaining 51% would be held by EU‑national partners, while Castlelake says it has recruited EU executives Peter Bellew and Mark Breen to meet regulatory rules.
- Castlelake says the deal is fully funded through a mix of committed equity and debt and would offer shareholders a partial equity option in a private vehicle, but easyJet raised concerns about leverage and undervaluation.
- Markets responded to the dispute with easyJet shares rising roughly 3–5%, and the takeover code’s put‑up‑or‑shut‑up deadline on June 26 will increase pressure on both the bidder and the board to settle the matter quickly.