Battle for EasyJet: Apollo emerges from the woods and raises the stakes

EasyJet has received a new, higher takeover offer from Apollo Global Management, a leading private equity firm. Apollo's proposal values the British airline at 5.7 billion pounds (6.2 billion francs), offering 715 pence per share. This new bid overtakes a previous offer made by the American investment firm Castlelake.

Following Apollo's enhanced offer, EasyJet announced that it "no longer recommends the Castlelake proposal." The airline stated that the financial terms of Apollo's all-cash offer are such that EasyJet "would be prepared to recommend it to its shareholders." This development was reported by Bloomberg.

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the financial conditions of the proposed cash offer are such that EasyJet would be prepared to recommend it to its shareholders

EasyJet, which holds a significant market share of approximately 50% at Geneva Airport, has seen its share price decline in recent months. This downturn has made the airline an attractive target for investment companies seeking acquisitions. The situation surrounding EasyJet's potential takeover is being closely watched, with some observers viewing it as a potential warning signal for other European companies facing similar market pressures.

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EasyJet 'no longer recommends the Castlelake proposal'