The board at easyJet confirmed on Friday that it no longer intends to recommend the Castlelake proposal, which had only reached an agreement in principle days prior. Apollo’s offer represents a higher cash value, prompting the airline to pivot toward the new suitor to secure what the joint statement described as a superior outcome for shareholders.
Apollo Global Overtakes Castlelake in $7.65 Billion EasyJet Bid
A 3.6% premium has shifted the landscape for easyJet, as the airline abandoned a tentative agreement with Castlelake in favor of a £5.7 billion proposal from Apollo Global. The shift signals a potential bidding war for the London-listed carrier, with Apollo offering £7.15 per share compared to Castlelake’s £6.90.
Apollo has publicly signaled its support for the airline's current low-cost strategy, aiming to evolve the carrier's existing operational model. The clock is now ticking for both parties: Castlelake faces an August 3 deadline to respond or withdraw, while Apollo must deliver a firm offer by August 7.
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