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Castlelake LP on Thursday said it welcomes easyJet PLC’s ‘constructive engagement’ after the Luton-based airline rejected a fourth bid plan. The Minneapolis-based asset manager noted that easyJet announced a nine-day extension to the ‘put-up or shut-up’ deadline to July 5. easyJet on Thursday said it is willing to allow the potential suitor access to limited commercial information in order to produce a proposal that better reflects the value of the airline. The fourth rejected bid for easyJet by Castlelake meanwhile was worth 650 pence per share, putting a value of £4.93 billion on the FTSE 250-listing. easyJet shares were 7.5% higher at 580.00 pence each on Thursday morning in London, giving it a market capitalisation of £4.41 billion. easyJet said the latest proposal ‘substantially’ undervalues the company and its prospects and continues to give rise to ‘significant’ questions of deliverability. However, the firm believes that giving Castlelake access to limited commercial information, as the US entity has sought, might produce a ‘more attractive proposal that better reflects the value of easyJet and its prospects.’ As a result, Castlelake has been granted a 9-day extension until July 5 to make a firm bid proposal, after easyJet requested an extension to the offer deadline, which the Panel on Takeovers & Mergers agreed to. easyJet said it continues to be concerned about the ownership structure and deliverability of any offer from Castlelake, and the time it will take, and expects ‘satisfactory assurances and commitments in these regards’. Castlelake has partnered with Peter Bellew and Mark Breen as EU national individual investors. Bellew is a former chief operating officer of easyJet, while Breen is chief executive officer of consultancy Oneiros Aerospace and formerly led Saudi Arabian budget carrier flyadeal. On Monday, easyJet called the envisaged ownership structure ‘opaque’, noting the bidding vehicle would be owned 49% by Castlelake and 51% by EU nationals and ‘potentially other investors which have not been disclosed’. easyJet said it is in a ‘position of strength, underpinned by an investment grade balance sheet with a net cash position, alongside strong customer satisfaction and high employee engagement.’ It remains ‘highly confident’ in its strategy and ability to deliver attractive long-term value for shareholders. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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