EasyJet Rejects US Bidder’s £4.74bn Takeover Offer as ‘Cheap

EasyJet has flat-out rejected a takeover bid from the US investment firm Castlelake, which was valued at a whopping £4.74 billion. The airline accused Castlelake of trying to snatch it up “on the cheap” after the American firm indicated it had approached the airline three times this month, each time being turned down. Now, Castlelake is making the details of its latest offer public, allowing shareholders to weigh the proposal themselves. But here’s the catch: Castlelake has until Friday to either put in a solid offer or back off entirely.

You see, EasyJet isn’t just any airline; it’s one of the largest in Europe, serving over 90 million passengers last year alone across 38 countries and more than 1,200 routes. The company argued that Castlelake’s bid was “highly opportunistic,” pointing out that its share price had been “temporarily depressed”—largely due to the ripple effects of the ongoing Iran war on the travel industry. Under Castlelake’s latest proposal, shareholders would be looking at a payout of 625 pence per share, which is a 24% boost over last Friday’s closing price.

Now, Castlelake isn’t new to the game; it already holds about 2.14% of EasyJet through its managed funds. They believe that their latest offer represents “compelling value” for EasyJet shareholders. Castlelake stated, “Following the rejection of three proposals by the EasyJet Board, and given its unwillingness to engage meaningfully, we are announcing this Third Proposal to enable EasyJet shareholders to consider its merits.” Their ambition? To back EasyJet as a stronger, more resilient European airline under European control while respecting its valuable assets and ensuring the network continues to thrive.

But hold on, there’s more! European Union regulations dictate that EasyJet must be primarily owned by EU citizens. So, Castlelake has come up with a proposed ownership structure that they claim is a “deliverable solution” to meet these regulatory needs. This plan involves teaming up with two EU nationals, businessmen Peter Bellew and Mark Breen, who would establish an EU-based company to take majority control of the airline. Bellew is not just anyone; he’s a former COO of EasyJet and has also worked in the same capacity at Ryanair. He left EasyJet back in 2022 after a rather rocky period, which saw staff shortages and numerous cancellations. Mark Breen, on the other hand, runs an aerospace consultancy and has held senior roles at several airlines, including those in the Middle East.

However, EasyJet has dismissed the proposed ownership structure as “opaque,” saying it doesn’t provide a solid basis to assess how the takeover could actually happen. Just a reminder, back in early 2026, thousands of Brits found themselves stranded in the Middle East when the US-Iran war erupted. Meanwhile, the Heathrow expansion consultation is underway, laying out the conditions for the project to move forward while offering free travel for London’s public transport to those over 66.

So, what’s next in this unfolding drama? EasyJet has made it clear they’re not just going to roll over. Will Castlelake come back with a better offer or will they just walk away? Only time will tell…

Kaynak: Orijinal Haber