Fifth time lucky. After four rejections. EasyJet has given inThe British low-cost airline has accepted an improved takeover offer from Castlelake. The US fund has put on the table £6,90 per share for an overall assessment of 5,2 billion pounds (6,07 billion euros).
Offer with a huge prize
The new offer represents a 73% bonus compared to easyJet's closing price on May 29, when the private equity fund manager first disclosed its interest in the company to British regulators, triggering a sharp rally in the stock since then.
In June, the British company had rejected a £4,93 billion proposal put forward by Castlelake, judging it insufficient, but had signalled its interest in continuing negotiations by granting the private equity manager a limited access to commercial data society.
However, the deal is not officially concluded. By 5:30 PM on August 3rd Castlelake will have to formalize or withdraw the offer and at that point the approval and authorization process will open.
In a joint statement, the fund reiterated its intention to support the company's future growth and transformation into a stronger and more resilient European carrier, adding that it wanted to support easyJet's fleet modernization program, considering it fundamental to the company's long-term competitiveness, efficiency, and sustainability objectives.
