easyJet extends Castlelake put-up-or-shut-up deadline to Friday
easyJet PLC on Monday said it has extended Castlelake LP's offer deadline, despite having previously endorsed a takeover proposal from Apollo Management X LP.
The Luton, England-based budget airline said the UK Takeover Panel has approved moving Castlelake's "put up or shut up" deadline from Monday to 1700 BST on Friday.
This aligns the deadlines for both Castlelake and Apollo to announce their intentions to make firm offers for easyJet.
Previously on July 10, easyJet said it had agreed in principle to a £5.7 billion takeover proposal from Delaware-based asset manager Apollo.
The bid is worth 715 pence per easyJet share, beating Minneapolis-based private equity firm Castlelake's 690p-per-share proposal.
Consequently, easyJet said it was "no longer minded" to accept Castlelake's offer and called Apollo's proposal a "superior outcome" for shareholders.
Since then, easyJet said on Monday that it has been providing diligence access to both Apollo and Castlelake.
easyJet shares were 1.9% higher at 642.23 pence each on Monday in London. The stock has jumped 15% over the past month, and 31% over the last six months.
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