EasyJet sets Friday Deadline for takeover offers

EasyJet has set a Friday 7 August deadline for Castlelake and Apollo to submit firm offers.
Apollo has offered £5.7bn, while Castlelake has offered £5.5bn.
The board has backed Apollo’s bid in principle.
The deadline alignment forces both parties to present their best terms.
The bidding war unfolds amid a 70 pc drop in third-quarter profits.

EasyJet has given Castlelake and Apollo until Friday 7 August 2026 to submit firm offers. The deadline aligns the two potential bidders amid ongoing negotiations over a possible takeover of the airline. The decision, approved by the Takeover Panel, extended Castlelake’s original 3 August “put up or shut up” deadline to match Apollo’s timeline, forcing a head-to-head conclusion to the multi-billion-pound bidding war.

The easyJet board is managing two distinct US-backed proposals. Apollo Global Management has offered a total valuation of £5.7bn ($7.68B) or 715 pence per share, which the board has backed in principle. The Irish-fronted offer from Castlelake has offered a total valuation of £5.5bn ($7.4B) or 690 pence per share, but the board has withdrawn its support for this bid. The board requested the deadline alignment to ensure neither private equity firm has a timing advantage, forcing both parties to present their absolute best terms simultaneously.

The bidding climax unfolds as easyJet navigates a steep 70pc drop in third-quarter profits. Volatile fuel prices tied to geopolitical conflicts have squeezed recent earnings, though peak summer bookings show a clearer outlook. Under strict European aviation laws, airlines operating routes within the EU must be majority-owned and controlled by EU/EEA citizens. The European Union is preparing a broader autumn review of airline ownership rules to restrict foreign investors from using domestic proxies to gain effective control of European carriers.

EasyJet shared: “The board requested the deadline alignment to ensure neither private equity firm has a timing advantage.”