Easyjet extends Castlelake bid deadline to align with Apollo's August 7 cutoff

Published Aug 3, 06:28 AM UTC

Easyjet has extended the deadline for asset manager Castlelake to submit a rival takeover bid, after its earlier offer was surpassed by investment giant Apollo last month. The budget airline stated it still intends to recommend Apollo's deal, which values shares at £7.15 each, but has aligned Castlelake's deadline with Apollo's, requiring both to make a firm offer or withdraw by 5pm on 7 August. Castlelake's original deadline was 3 August. Easyjet previously rejected multiple Castlelake offers before agreeing to Apollo's bid, which values the airline at approximately £5.5 billion—a 73% premium over its closing price on 29 May. The takeover interest has driven Easyjet's shares up over 40% since early June, trading around 623p. A confirmed Apollo deal would see Easyjet delist from the London Stock Exchange, joining a wave of major UK firms acquired by foreign entities this year, including Schroders and Tate & Lyle, with total deal values exceeding £40 billion.