easyJet accepts GBP5.7 billion Apollo offer as Castlelake walks away
easyJet PLC on Thursday accepted a £5.7 billion offer from Apollo Management X LP after Minneapolis-based private equity firm Castlelake LP withdrew from the bidding race.
The bid from the Delaware-based asset manager values each easyJet share at 715 pence, above the 690p per share offered by Castlelake.
Shares in the Luton, Bedfordshire-based budget airline were up 3.4% at 673.62p each in London on Thursday afternoon.
As an alternative to receiving cash, Apollo is proposing to offer easyJet shareholders the opportunity to roll their shareholding into the vehicle through which the Apollo funds would hold their investment in the airline on the basis of one rollover share for each easyJet share held.
The bid has the support of the airline's founder Stelios Haji-Ioannou and his family, who speak for 15.3% of easyJet stock.
"I am pleased with Apollo's strategic intentions for the easyJet business, which aim to create more growth," Haji-Ioannou said in a statement.
Haji-Ioannou floated easyJet on the London Stock Exchange back in 2000 to fund the expansion of its fleet, which has grown from 19 aircraft to 356 as at March 31.
"My family and I intend to remain invested as long-term major shareholders of easyJet for the next chapter in the company's journey," he said.
easyJet Non-Executive Chair Stephen Hester said the board has "carefully evaluated" the proposal from Apollo alongside easyJet's standalone prospects.
"While we remain confident in the strength of our business and the opportunities ahead, we believe this offer appropriately recognises the quality of the business we have built and delivers immediate, certain and attractive value for shareholders," he said.
Earlier, Castlelake said it does not intend to make an offer for easyJet. In a brief statement, it said it was "very appreciative of the constructive engagement" with easyJet.
The bid remains subject to clearance by regulatory authorities.
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