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4 sources·Started 18d ago·Updated 18d ago
EasyJet agrees to Apollo's £5.7bn takeover bid, rejecting Castlelake
easyJetApollo Global ManagementCastlelakeSir Stelios Haji-IoannouLondon Stock ExchangeEuropean UnionPeter BellewMark Breen
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EasyJet has agreed in principle to a £5.7bn ($7.7bn) takeover proposal from Apollo Global Management, offering £7.15 per share, representing an 81% premium. Source: BBC, CNBC This trumps a previous £5.5bn offer from Castlelake at £6.90 per share. Source: Guardian
Bidding war
- EasyJet's board now "minded to recommend" Apollo's all-cash offer, reversing its earlier stance on Castlelake. Source: Guardian
- Apollo's offer includes a Stub Equity Alternative allowing shareholders to roll their shares, maintaining voting rights. Source: CNBC
- Castlelake has until 3 August to counter, Apollo until 7 August. Source: Euronews
Regulatory hurdles
- EU ownership rules require airlines flying within the bloc to be majority-owned by EU nationals. Castlelake had proposed partnering with Irish executives, while Apollo says it will take "all necessary steps" for approval. Source: Euronews
- Apollo also pledges to retain the EasyJet name, a key factor for founder Sir Stelios, who owns 15%. Source: Euronews
The bids come as EasyJet reported a £377m loss in May and faces high fuel costs.
Story timeline · 2 earlier headlines
- EasyJet accepts £5.7bn Apollo bid, topping Castlelake offer18d ago · 4 sources
- Apollo's £5.7bn bid wins easyJet board backing over Castlelake18d ago · 3 sources
- EasyJet agrees to Apollo's £5.7bn takeover bid, rejecting Castlelakecurrent
Sources
4 quotesBBC↗
“EasyJet says it has agreed in principle to a £5.7bn takeover proposal from US firm Apollo Management.”
The Guardian↗
“The easyJet board has carefully considered the proposed cash offer together with its financial advisers and has unanimously concluded that the financial terms of the proposed cash offer are at a level that it would be minded to recommend to easyJet shareholders.”
CNBC↗
“As an alternative to the cash payment, Apollo would also offer shareholders a Stub Equity Alternative – the option to 'roll their existing shareholding in easyJet into the vehicle through which the Apollo Funds would hold their investment in easyJet.'”