EasyJet open to takeover offer, says timing 'opportunistic' as shares soar
The US investment firm owns a 2.14% stake and said any offer would value EasyJet at at least £3.06 billion.
- On Monday, budget carrier easyJet confirmed it has received no formal approach from U.S. investment firm Castlelake regarding a potential takeover, though it would consider any proposal should one be made.
- EasyJet's board characterized the timing as "highly opportunistic," citing the depressed share price caused by the Middle East situation and its impact on customer confidence and jet fuel prices.
- Castlelake, which holds a 2.14% stake, stated any offer would value the company at a minimum of £3.06 billion, triggering a 12% surge in easyJet shares on Monday.
- Under UK takeover rules, Castlelake has until 5pm on June 26 to make a firm offer or walk away; the firm previously bailed out Scandinavian Airlines and sold shares to Air France-KLM.
- Despite market volatility, easyJet emphasized its strong financial position, remaining focused on its medium-term target to deliver more than £1 billion in pre-tax profits.
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The price of the low-cost airline Easyjet has fallen sharply. Now the Private Credit Group could access Castlelake – and the share price jumps upwards. Easyjet rejects the offer.
EasyJet shares rally as Castlelake weighs possible takeover offer
The budget airline's stock rose more than 12% after Castlelake said it was considering a possible offer. Prior to the rally, easyJet shares had fallen by around 23% over the past year against a backdrop of higher fuel costs and uncertainty linked to tensions in the Middle East.
EasyJet future plunged into uncertainty after US firm accused of 'highly opportunistic' action
Budget airline EasyJet has criticised a potential takeover approach from American private equity firm Castlelake, describing the timing as "highly opportunistic".Shares in the airline jumped by as much as 16 per cent on Monday morning after the company confirmed it was considering a possible acquisition proposal.In a statement issued to shareholders, EasyJet said the approach came at a time when the airline’s share price had been heavily affecte…
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EasyJet flew to the London Stock Exchange on Monday, June 1 following the announcement of an interest in a possible buy-back offer from the US Castlelake fund. The British company denounces an "opportunistic" approach and remains cautious about this assumption.
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