EasyJet PLC Extends Takeover Deadline for Castlelake to Match Apollo Bid

The board of EasyJet PLC has extended the deadline for asset manager Castlelake to submit a formal takeover bid to 5 p.m. on August 7. This alignment brings the Castlelake deadline in line with that of rival bidder Apollo Global Management, ensuring a competitive two-bidder auction for the UK budget carrier.

EasyJet PLC currently favors the proposal from Apollo Global Management, which values the airline's stock at 715p per share, representing a 73 percent premium to its closing price on May 29. The board described the Apollo deal as "an attractive combination of value, strategic alignment and long-term stewardship of the business." This stands in contrast to Castlelake's previous offer of £5.5 billion, valued at 690p per share.

Following the announcement of the extended deadline, EasyJet PLC stock rose 2.2% to 643.8p as investors anticipated a potential higher counter-bid. If the acquisition is completed, EasyJet PLC will be removed from the London Stock Exchange. This would add to a broader trend of overseas firms acquiring London-listed companies, with such deals already exceeding £40 billion this year.