EasyJet rejects £4.7bn takeover offer from US investment firm

EasyJet has rejected a takeover connection worthy £4.74bn from US concern steadfast Castlelake, describing the bid attack arsenic "highly opportunistic".

Castlelake said it had made 3 approaches to EasyJet this month, each of which had been rejected, but it had present made details of its latest connection nationalist to let shareholders to measure the proposal.

The US fund, which already owns a involvement of astir 2.14% successful EasyJet done the funds it manages, has until this Friday to marque a steadfast connection oregon locomotion away.

Under Castlelake's latest offer, the airline's shareholders would person 625p per share, a 24% premium to past Friday's closing price.

"Following the rejection of 3 proposals by the EasyJet Board, and fixed its unwillingness to prosecute meaningfully, Castlelake is announcing this Third Proposal to alteration EasyJet shareholders to see its merits," Castlelake wrote.

It said its latest bid "offers compelling value" to EasyJet's shareholders.

"Castlelake's ambition is to enactment EasyJet arsenic a stronger, much resilient European hose nether European control, respecting EasyJet's invaluable hose assets and continuing to prolong its network," the US steadfast said.

European Union regulations stipulate that EasyJet indispensable beryllium majority-owned by EU citizens. Castlelake said it had projected an ownership operation which was a "deliverable solution to guarantee compliance with each applicable regulatory requirements."