easyJet reaches agreement with Apollo on financial terms of cash offer proposal
easyJet announced (10-Jul-2026) its board reached an agreement in principle with Apollo Global Management on the key financial terms of a possible cash offer for the entire issued and to be issued share capital of easyJet for GBP7.15 (EUR8.40) per share, pursuant to a proposal submitted by Apollo on 08-Jul-2026. The board noted the offer exceeds Castlelake's 04-Jul-2026 proposed offer of GBP6.90 (EUR8.10) per share, adding: "The easyJet Board further believes that the Proposed Transaction offers an attractive combination of value, strategic alignment and long-term stewardship of the business", concluding: "Accordingly, the easyJet Board is no longer minded to recommend the Castlelake Proposal". The board stated "it would be minded to recommend to easyJet shareholders", should a firm intention to make an offer be announced on such financial terms. Apollo will be required to either announce a firm intention to make an offer for easyJet or to announce that it does not intend to make an offer for easyJet by 17:00 on 07-Aug-2026. [more - original PR] [more - original PR - II]
Background ✨
easyJet entered a UK Takeover Code offer period after Castlelake signalled possible interest, warning there was no certainty a firm offer would follow.1 2 easyJet publicly labelled Castlelake’s approach “highly opportunistic” amid Middle East conflict-driven share price weakness, noting Castlelake held about a 2.14% stake.3 easyJet rejected successive Castlelake bids at GBP5.60, GBP6.00 and GBP6.25, arguing they undervalued the airline and relied on conflict-affected comparables.4 easyJet later granted Castlelake limited book access after rejecting a GBP6.50 proposal and extended the offer deadline to 05-Jul-2026.5 Air France-KLM CEO Ben Smith said it would be interested in any approach from Castlelake, citing easyJet’s slot portfolio at Gatwick, Linate and Orly.6