Castlelake has said it will not pursue a takeover of easyJet after all after a months-long takeover battle, clearing the way for US rival Apollo Global to buy the budget airline.
In early July, the US <a href="https://bitcomme.com/capital-and-ai-investment-in-the-fifth-district/” title=”Capital and AI Investment in the Fifth District”>investment company agreed a £5.5bn takeover with easyJet worth £6.90 a share after making multiple proposals, but five days later Apollo offered around £5.7bn for the carrier, or £7.15 a share.
In a stock exchange statement, Minneapolis-based Castlelake, which is a major aviation investor, founded by the American banker Rory O’Neill, and has $38bn in assets under management, said:
Castlelake confirms that, following careful consideration, it does not intend to make an offer for easyJet.
Castlelake is very appreciative of the constructive engagement with the easyJet Board and management team, and would like to thank them for their time and consideration of this potential transaction.
It did not say why it decided to abandon the takeover.
EasyJet’s founder, Stelios Haji-Ioannou, still owns more than 15% of the company along with his family and would be in line for an £855m payday if he sells his stake to Apollo.
