British low-cost carrier (LCC) easyJet has rejected a takeover bid from US investment firm Castlelake.
The airline claimed the £4.74 billion offer was ‘cheap’ and took advantage of aviation’s temporarily depressed share prices in the wake of the ongoing conflict in the Middle East.
Castlelake, which already owns a 2.14% share in easyJet, have made three offers to purchase the carrier in the past month. A spokesperson for the firm said:
Following the rejection of three proposals by the EasyJet Board, and given its unwillingness to engage meaningfully, Castlelake is announcing this Third Proposal to enable EasyJet shareholders to consider its merits
Castlelake’s ambition is to support EasyJet as a stronger, more resilient European airline under European control, respecting EasyJet’s valuable airline assets and continuing to sustain its network.
Under EU regulations easyJet must be majority-owned by citizens from the bloc. Castlelake’s current proposal would see the firm will partner with Mark Breen and Peter Bellew, the latter a former easyJet CCO. Both men are EU citizens.
easyJet has faced a difficult few years since the Covid-19 pandemic, including a dispute with founder and former largest shareholder Stelios Haji-Ioannou and rumours of a takeover by rivals Wizz Air.
In a statement, the airline disputed Castlelake’s claim that the bid represented good value for the company, stating:
The board of easyJet carefully considered [Castlelake’s] third proposal with its advisers and concluded that it is highly opportunistic, delivered against the backdrop of easyJet’s temporarily depressed share price, and still fundamentally undervalues easyJet and its prospects.
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