Overview
EasyJet plc's board has again refused an approach from U.S. private investment firm Castlelake, L.P., which said on Monday that it had put forward a third non-binding indicative proposal valuing the airline at 625 pence per share in cash. This follows earlier, unsuccessful approaches from Castlelake at 560 pence and 600 pence per share.
Sequence of offers and board responses
According to Castlelake's statement, its initial non-binding proposal of 560 pence per share was rejected by the easyJet board on June 16. The firm then lodged a second non-binding indicative proposal at 600 pence per share; the statement describes that bid as being intended "to facilitate prompt engagement from the easyJet Board," but does not specify when that second proposal was turned down.
Castlelake's third proposal, at 625 pence per share, was also submitted as a non-binding indicative offer and, the firm said, was likewise intended to prompt quick engagement from easyJet's board. EasyJet's board rejected the third approach on June 21.
Premium and funding
In its announcement, Castlelake said the 625 pence proposal equates to a premium of approximately 59% compared with easyJet's share price of 394 pence on May 28, which Castlelake describes as the "Undisturbed Date." Castlelake added that the Third Proposal is expected to be fully funded through a combination of equity and debt facilities, and that Goldman Sachs has indicated an ability to arrange the necessary debt financing.
Regulatory timetable and uncertainty
Under the rules of the UK Takeover Code cited by Castlelake, the firm has until 5 p.m. on June 26 to either announce a firm offer for easyJet or to state that it does not intend to make one. Castlelake also made clear that its latest statement does not constitute a firm offer and that there is no certainty it will make a bid.
Share acquisitions disclosed
The statement notes that Peter Bellew acquired interests in easyJet shares at a highest price of 437.14 pence per share in transactions between March 20, 2026 and May 20, 2026.
What the statement does and does not say
Castlelake's disclosure lays out the sequence of indicative approaches, the proposed funding mix and the takeover timetable. It does not contain a firm offer, it does not specify the timing of the rejection of the second proposal, and it does not confirm whether a binding bid will be forthcoming.