Published • loading... • Updated
EasyJet rejects Castlelake's 4th £6.50 a share proposal
EasyJet said limited access could lead to a more attractive proposal after rejecting a £4.93 billion bid that the board said undervalued the airline.
- On Thursday, British budget carrier EasyJet rejected a fourth, sweetened £4.93 billion takeover proposal from US-based investment firm Castlelake, but offered limited commercial information access to encourage a higher bid.
- Castlelake added New York-based Brookfield Asset Management to the bidding vehicle alongside former Malaysia Airlines CEO Peter Bellew and senior industry executive Mark Breen, though the board claims the bid continues to 'substantially' undervalue the company.
- To comply with European Union rules requiring carriers be majority EU-owned, the bidding vehicle would be owned 49% by Castlelake and co-investors; the £6.50-per-share offer remains below the £7 investors seek.
- Goodbody Stockbrokers analyst Dudley Shanley said, 'The narrative has definitively changed,' suggesting EasyJet is now 'effectively in negotiations' and the business is for sale at the right price.
- Under UK takeover rules, Castlelake's deadline to table a firm offer has been extended to July 5, as the firm hopes to further improve its bid following limited access to commercial information.
Insights by Ground AI
29 Articles
29 Articles
Fourth preliminary proposal of the US investment fund Castlelake rejected by easyJet, which refers to the low value offered by each share. The fund wants to acquire the totality of the shares.
·Portugal
Read Full Article
EasyJet Rejects Sweetened Castlelake Offer, Questions Ownership
EasyJet Plc signaled it’s willing to entertain a higher offer from Castlelake LP by granting the US investment firm more time and access to improve on its latest bid that values the UK discount carrier at about £4.93 billion ($6.5 billion)
·New York, United States
Read Full Article
easyJet rejects Castlelake's £4.93 billion takeover proposal
·New York, United States
Read Full Article
Coverage Details
Total News Sources29
Leaning Left4Leaning Right3Center3Last UpdatedBias Distribution40% Left
Bias Distribution
- 40% of the sources lean Left
40% Left
L 40%
C 30%
R 30%
Factuality
To view factuality data please Upgrade to Premium
