Castlelake says EasyJet has rejected its third acquisition proposal of 625 pence per share. The American private investment company previously made offers of 600 pence and 560 pence per share, both of which were also turned down by the British airline. Castlelake stated that its latest proposal could help EasyJet achieve its medium-term target of over 1 billion pounds in profit before tax and would substantially de-risk the execution of the airline's business plan. The 625 pence per share offer represents a premium of around 59 percent to EasyJet's share price of 394.20 pence on May 28, the last day before Castlelake's interest became public, and a premium of around 71 percent to the volume-weighted average share price of 365.42 pence from April 16 until that undisturbed date.
EasyJet PLCEasyJet is the target of a third acquisition proposal at a 59-71% premium, which is positive for shareholders.
Castlelake's repeated bids have been rejected, but the company is the bidder and the outcome is uncertain.