EasyJet has turned down a takeover proposal valued at £4.74 billion from American investment group Castlelake, labeling the attempt as overly opportunistic. Castlelake revealed that it had approached the airline three times this month. While all attempts were rebuffed, the firm decided to go public with the latest offer so that shareholders could evaluate it themselves.
Currently holding roughly 2.14% of the airline through managed funds, Castlelake must either submit a concrete offer by this Friday or withdraw. Their current proposal suggests a price of 625p per share, representing a 24% increase over the closing price from the previous Friday. The firm argued that the EasyJet board has been unwilling to engage, prompting them to bring the matter directly to investors.
Castlelake maintained that their offer provides significant value and expressed a goal to help EasyJet remain a robust European carrier while keeping it under European control. To address EU regulations requiring majority ownership by EU citizens, the firm claimed it has developed a structure that fulfills all necessary compliance standards.
