easyJet has extended the deadline for asset manager Castlelake to submit a firm takeover offer, bringing it into line with rival bidder Apollo and setting a hard cut-off of 5pm on 7 August for either firm to table a binding proposal or withdraw.
Board steps amid competing approaches
The budget carrier said it remained ready to recommend Apollo’s proposal, which values easyJet at £7.15 per share. The announcement to extend Castlelake’s timetable was made without the consent of either potential suitor, the airline said.
Castlelake’s original deadline had been 3 August; the extension means both parties now face the same deadline to make their intentions clear. The company also said it was uncertain whether a firm offer would emerge by that date.
Market moves and valuations
Interest from bidders and the takeover talk have driven a sharp rally in easyJet’s stock over the past month. Shares have risen by more than 40% since the beginning of June and are trading at around 623p.
“an attractive combination of value, strategic alignment and long-term stewardship of the business”
The airline previously rejected several approaches from Castlelake before accepting a bid from Apollo that the company described in those terms. Media reporting put Castlelake’s earlier, now-superseded offer at roughly £5.5bn, which was said to represent a 73% premium to easyJet’s closing price on 29 May.
Wider City context
If Apollo’s proposal is confirmed and completed, easyJet would exit the London Stock Exchange, adding to a string of high-profile UK listings acquired this year. Recent examples include asset manager Schroders being bought in a near-£10bn deal by Nuveen, and Tate & Lyle’s agreement to a £2.7bn takeover by a US firm. Senior City figures have expressed concern about overseas bidders targeting London names; the cumulative value of such deals this year is reported to be set to exceed £40bn.
- Deadline: 5pm, 7 August for firm offers or withdrawal
- Apollo proposal: £7.15 per share (company poised to recommend)
- Share performance: >40% rise since early June, trading near 623p
| Item | Figure |
|---|---|
| Apollo offer (per share) | £7.15 |
| Approx. Castlelake earlier valuation | £5.5bn |
| easyJet share price (current) | ~623p |
For households and businesses, the immediate effects are primarily financial and market‑related. Shareholders face a decision point on whether to accept a premium bid that would take the company private; employees and suppliers will be watching for any strategic changes under new ownership. For the wider economy, the deal forms part of a trend of overseas capital acquiring UK-listed groups, an outcome that figures in City debate about the health and competitiveness of London’s public markets.
easyJet’s board has created a clear timetable for suitors. The coming days will determine whether Apollo’s proposal becomes the path to private ownership or whether a rival firm will make a fresh binding offer before the deadline.
