EasyJet Board Backs £5.7bn Apollo Takeover Offer Over Castlelake Bid

1-Minute Brief

The competing bids for EasyJet highlight increased interest from private equity in the European aviation sector.

Key Facts

• EasyJet received a takeover offer from US private equity firm Apollo worth £5.7bn.
• The airline's board stated it is 'minded to recommend' Apollo's all-cash offer to shareholders.
• Apollo's proposal values EasyJet at 715 pence per share.
• The Apollo bid surpasses a previous offer from rival private equity firm Castlelake.
• EasyJet had previously accepted a rival bid from Castlelake earlier in the week.

What Happened

EasyJet's board has indicated support for a £5.7bn all-cash takeover offer from Apollo, which exceeds a previous bid from Castlelake, creating a bidding contest for the airline.

Why It Matters

This development signals strong private equity interest in the European airline industry and could influence EasyJet's future ownership and strategy.

What's Next

Shareholders will consider the board's recommendation, and further developments may arise as Castlelake or other parties respond to Apollo's offer.