EasyJet has extended the deadline for suitor Castlelake to decide whether to make a firm takeover offer, bringing it into line with the deadline facing Apollo as the bidding war for the budget carrier enters a decisive week.
Bidding War Details
The UK Takeover Panel consented to an extension of Castlelake’s “put up or shut up” deadline to August 7 from August 3, matching Apollo’s existing deadline. EasyJet said it has been providing diligence access to both Apollo and Castlelake since the last proposal was made.
EasyJet backed a £5.7 billion ($7.68 billion) takeover bid tabled by Apollo Global Management in July, which trumped an earlier £5.5 billion bid by Castlelake. The budget carrier’s profit plummeted 70% in the third quarter, it reported late in July, as the Iran war led to volatile fuel prices and made travellers wary, though the airline indicated clearer skies heading into peak summer.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
