EasyJet Accepts £5.7 Billion Apollo Bid as £7.15-a-Share Offer Tops Castlelake
Updated
Updated · bbc.co.uk · Jul 10
EasyJet Accepts £5.7 Billion Apollo Bid as £7.15-a-Share Offer Tops Castlelake
1 articles · Updated · bbc.co.uk · Jul 10
Summary
£5.7 billion is the value of the takeover proposal EasyJet said it has agreed in principle with Apollo Management, replacing the airline’s earlier preferred bidder.
£7.15 per share under Apollo’s offer beat Castlelake’s £6.90, leading EasyJet to call the new proposal a superior outcome for shareholders.
EasyJet said it is no longer minded to recommend Castlelake’s bid, which it had only agreed to in principle at the weekend.
The switch underscores how quickly the sale process shifted as rival US investment firms competed to buy the no-frills carrier.