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US suitor Castlelake lands more time to match rival Apollo's offer in bid battle for EasyJet
['Angharad Carrick', 'Business News Editor']
Money Articles | Mail Online
EasyJet suitors have until Friday to make a formal bid after the airline pushed back the deadline for US asset manager Castlelake to make an offer to match that of rival Apollo.
The airline said it still recommended investors accept Apollo’s £5.7billion offer, but Castlelake had until 5pm on Friday to submit an improved bid, after previously setting a deadline of 5pm yesterday.
EasyJet rejected four Castlelake bids, branding them ‘highly opportunistic’ and accusing it of seeking a deal ‘on the cheap’ – before then agreeing a £6.90-a-share offer in early July.
EasyJet has since provided due diligence access to both prospective buyers to run the rule over the business.
Easyjet said it still recommended investors accept Apollo’s £5.7bn offer but Castlelake had until 5pm on Friday to submit an improved bidThe bidding battle comes after the airline’s share price slumped this year, leaving it a prime target for predators.