APOLLO WINS EASYJET BOARD SUPPORT – Private equity giant outbids rival with £5.7B cash offer for budget airline
EasyJet’s board has officially backed a £5.7 billion takeover bid from US private equity firm Apollo. This decision follows a superior all-cash offer of £7.15 per share, which effectively eclipsed a previous £6.90 per share proposal from rival suitor Castlelake.
Directors have unanimously signaled their intent to recommend the Apollo deal to shareholders once due diligence and final documentation are complete. Consequently, the board has formally withdrawn its support for the earlier Castlelake transaction.
The offer represents a significant 81 per cent premium over the share price recorded on May 28, just before the initial bidding process began. While the board favors the proposal, no formal offer has been lodged under UK takeover rules, and shareholders are advised to take no action.
