EasyJet Seeks Improved Acquisition Terms
British airline EasyJet has confirmed it is in discussions with the American investment firm Castlelake, even after turning down a fourth acquisition offer totaling £4.9 billion. The budget carrier stated its intention to provide Castlelake with access to its financial records, hoping this will lead to a revised and more attractive bid.
Rejection of Latest Proposal
The most recent offer from Castlelake, valued at 650 pence per share, was unanimously rejected by EasyJet's board. The airline cited that the proposal significantly undervalued the company and raised considerable concerns regarding its feasibility.
EasyJet's board expressed that they hope to receive a “more attractive proposal that better reflects the value of easyJet.”
By opening its books, EasyJet aims to furnish Castlelake with the necessary information to formulate an offer that more accurately reflects the airline's worth and addresses the previously identified issues of deliverability.
Source: Original Article