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FinanceApollo outbids Castlelake to acquire Easyjet for £5.7bn, 714p per share
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Apollo Global Management has agreed to acquire budget airline Easyjet for £5.7 billion in an all-cash deal, outbidding rival asset manager Castlelake. Easyjet announced on Friday that it accepted Apollo's offer of 714 pence per share, which represents an 80% premium over the airline's closing share price and surpasses Castlelake's earlier bid of 690p per share. The Easyjet board stated that Apollo's bid delivers a superior outcome for shareholders and offers strategic alignment and long-term stewardship. The deal sets the stage for a potential bidding war between the two American investors, as Castlelake's interest in Easyjet had emerged only last month.
Source report
EasyJet has accepted a £5.7bn takeover bid from Apollo, a US investment giant, in a surprise deal that surpasses an earlier offer from alternative asset manager Castlelake.
Key Details
- Acquirer: Apollo Global Management
- Target: EasyJet
- Deal Value: £5.7 billion
- Offer Price: 714p per share (all-cash)
- Premium: 80% above EasyJet's closing share price
Bidding Context
EasyJet announced on Friday that it had accepted Apollo's all-cash offer, which values the airline at 714p per share. This bid exceeds the 690p per share offer from Castlelake, which emerged just days earlier.
Castlelake first expressed interest in EasyJet last month. The carrier stated that Apollo's bid "delivers a superior outcome for EasyJet shareholders," setting the stage for a potential bidding war between the two American investors.
Company Statement
In a statement, EasyJet said the offer from Apollo—one of the world's largest asset managers—"offers an attractive combination of value, strategic alignment and long-term stewardship of the business."
The airline added: "Accordingly, the EasyJet board is no longer inclined to recommend the Castlelake proposal."
Source
City AMWestern
Part of this Story
Castlelake Publicizes $6.3B Takeover Bid for EasyJet After Repeated Rejections