Key facts
- EasyJet extended the deadline for Castlelake's takeover bid to August 7.
- The new deadline aligns with Apollo's existing offer deadline.
- EasyJet continues to recommend Apollo's £7.15 per share offer to shareholders.
- Castlelake's original deadline was August 3.
- A confirmed deal would lead to EasyJet delisting from the London Stock Exchange.
EasyJet has extended the deadline for Castlelake to submit a takeover bid to August 7, aligning it with the deadline for rival bidder Apollo Global Management. The budget airline stated it continues to recommend Apollo's £7.15 per share offer to shareholders. Castlelake's original deadline was August 3. EasyJet noted that it is unclear if Castlelake will make a firm offer, and this announcement was made without the consent of either potential suitor. Apollo's bid, which values the company at approximately £5.5 billion, trumped an earlier bid from Castlelake. The interest from potential buyers has led to a significant rally in EasyJet's stock, which has surged over 40% since early June. Should Apollo's deal be confirmed, EasyJet would depart from the London Stock Exchange.