EasyJet accepts sweetened £5.5bn offer from Castlelake.
Budget airline easyJet on Monday said it planned to accept a £5.5bn takeover offer from US private equity firm Castlelake.
Source: Sharecast
The carrier said it had reached an agreement in principle after Castlelake tabled a fifth offer at £6.90 a share after weeks of rejections.
There was no comment on the future of easyJet’s 19,000 employees across its airline and holidays divisions.
EasyJet was founded in 1995 by Stelios Haji-Ioannou flying from London Luton Airport to Glasgow and Edinburgh in Scotland, taking on established carriers with its low fare no-frills model.
Haji‑Ioannou left the board in 2010 but remains the biggest investor with a roughly 15% stake along with his family
The company in March it warned of higher fares and fuel shortages due to the US-Israeli war on Iran and Lebanon.
Castlelake tabled its first £5.60-a-share offer on June 12 which was rejected before the fifth bid was accepted on Sunday.
Halifax is not responsible for the content and accuracy of the Markets News articles. We may not share the views of the author. Understand the risks, please remember the value of your investment can go down as well as up and you may not get back the full amount you invest. We don't provide advice so if you are in any doubt about buying and selling shares or making your own investment decisions we recommend you seek advice from a suitably qualified Financial Advisor. Past performance is not a guide to future performance.
