British airline EasyJet has rejected three informal takeover proposals from a United States private equity firm, Castlelake, with the latest totalling £5 billion ($6.6 billion).
Castlelake publicly declared last month its interest in buying EasyJet, which flies mostly across Europe.
It said on Monday that it was now appealing directly to carrier shareholders to consider the “merits” of its latest proposal.
Under UK takeover rules, Castlelake has until Friday to table a formal bid or walk away for six months.
The airline’s board on Monday repeated that it considered the bid “highly opportunistic” given that its share price had fallen and its losses increased after the Middle East war sent jet fuel costs rocketing.
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The airline said in a statement that it “remains highly confident in EasyJet’s strategy and its ability to deliver attractive long-term value for shareholders”.
Castlelake’s third proposal offered £6.25 per EasyJet share, a premium of about 59 per cent compared to the share price in late May before it disclosed its takeover interest.
On Monday, EasyJet’s share price was up 3.4 per cent at £5.21.
“The market doesn’t believe Castlelake will succeed, given how the shares are significantly below the latest bid,” the head of markets at AJ Bell, Dan Coatsworth, noted.
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