A bidding contest for easyJet is narrowing after Castlelake decides not to pursue an offer for the budget airline. The move leaves Apollo in a stronger position ahead of a Friday deadline to submit a formal bid, while easyJet shares fall 4.5% after the announcement.
Highlights
- Castlelake withdraws from easyJet takeover after submitting multiple proposals, including a £5.5 billion offer last month.
- Apollo emerges as sole known bidder with a higher £5.7 billion proposal and faces a Friday deadline to submit a formal offer.
- easyJet shares drop 4.5% to 622.2 pence following Castlelake’s exit, reflecting reduced competitive bidding pressure in the sale process.
Bid process shifts after Castlelake withdrawal
As reported by Financial Times, Castlelake says it does not intend to make an offer for easyJet after months of pursuing a deal and submitting multiple proposals. The U.S. private credit group states on Thursday that it reaches the decision after careful consideration and thanks easyJet's board and management for their engagement on the potential transaction.Castlelake had sought to acquire the airline in a contest that intensifies over recent months. Its 5.5 billion pound proposal last month is overtaken by Apollo, which offers about 5.7 billion pounds for the company.
Market reaction and next steps for easyJet
Apollo now stands as the remaining known bidder and has until Friday to table a formal offer for the carrier. The latest development puts the focus on whether the higher proposal turns into a confirmed takeover bid for one of the UK's best-known low-cost airlines.EasyJet shares fall 4.5% to 622.2 pence immediately after Castlelake's announcement, indicating investor reassessment of the competitive tension around the sale process. The story remains developing as the deadline for Apollo approaches.
Bodycote moved closer to a potential take-private deal after confirming it had received two separate takeover proposals from CVC and Veritas at broadly similar valuations. We previously reported that the board accelerated talks with both bidders and said it would be minded to recommend either offer if it progressed to a firm proposal, underscoring the ongoing wave of buyout interest in UK-listed firms.
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