Easyjet has slapped down suitor Castlelake for a fourth time but said it was open to a “more attractive proposal” from the US private equity firm. The budget airline revealed on Thursday it had rejected a £6.50 per share bid, saying that Castlelake was “substantially undervaluing the company and its
Felix Armstrong
Thursday 25 June 2026 7:24 am | Updated: Thursday 25 June 2026 7:34 am
Easyjet has slapped down suitor Castlelake for a fourth time but said it was open to a “more attractive proposal” from the US private equity firm.
The budget airline revealed on Thursday it had rejected a £6.50 per share bid, saying that Castlelake was “substantially undervaluing the company and its prospects”.
The FTSE 250 firm also said it has significant concerns over the ownership structure and “deliverability” of Castlelake’s proposed deal.
But Easyjet’s board signalled it is willing to engage with the private equity firm and said it plans to give the bidder some commercial information to help it produce a “more attractive proposal”.
Castlelake’s latest offer included proposals for Easyjet shareholders to gain non-voting shares in its takeover vehicle.
#mc_embed_signup { background: #fff; clear: left; font: 14px Helvetica, Arial,sans-serif; width: 100%; max-width: 600px; margin: 20px 0; } #mc-embedded-subscribe-form { margin: 20px 0 !important; } .newsletter-form-flex { display: flex; gap: 0; align-items: center; margin-top: -10px; } .newsletter-form-flex input[type=”email”] { flex: 1; padding: 2px 10px; border: 1px solid rgb(18, 22, 23) !important; border-radius: 12px 0 0 12px !important; } .newsletter-form-flex input[type=”submit”] { padding: 4px 10px !important; margin: 0 !important; background-color: rgb(18, 22, 23) !important; color: rgb(255, 255, 255) !important; border: 1px solid rgb(18, 22, 23) !important; border-radius: 0 12px 12px 0 !important; } .newsletter-banner-content { margin-bottom: 15px; } .newsletter-banner-content h2 { margin: 0 0 10px 0; font-size: 18px; font-weight: 600; } .newsletter-banner-content p { margin: 0 0 10px 0; line-height: 1.5; } .newsletter-banner-content ul, .newsletter-banner-content ol { margin: 0 0 10px 20px; } .newsletter-banner-content a { color: #0073aa; text-decoration: none; } .newsletter-banner-content a:hover { text-decoration: underline; } .newsletter-banner-content img { max-width: 100%; height: auto; margin: 10px 0; } #mc_embed_signup #mce-success-response { color: #0356a5; display: none; margin: 0 0 10px; width: 100%; } #mc_embed_signup div#mce-responses { float: left; top: -1.4em; padding: 0; overflow: hidden; width: 100%; margin: 0; clear: both; }
This bidding vehicle would be 49 per cent owned by Castlelake and 51 per cent by EU nationals, including former Malaysia Airlines boss Peter Bellew and Mark Breen, chief executive of Dublin-based Oneiros Aerospace.
Their involvement in the bid is necessary due to EU competition rules which require the takeover to have significant involvement from European citizens.
The carrier said on Thursday: “The Board continues to be concerned about the ownership structure and deliverability of any offer from Castlelake, and the time it will take, with the consequent meaningful impact on the present value of the offer price, to satisfy necessary conditions.
“The Board has informed Castlelake that it would expect satisfactory assurances and commitments in these regards.”
This fourth offer comes after Easyjet rejected bids at £5.60, £6 and £6.25 per share. The firm’s shares closed at £5.39 on Wednesday.
The airline had described Castlelake’s previous bids as an “opportunistic” pounce on the firm at a time when its share price has fallen to comparative lows due to the Iran war.
More to follow.
Read more Castlelake urges Easyjet investors to back £4.7bn takeover bid
Similarly tagged content: Sections Categories People & Organisations
