<\/p>\n
EasyJet: supporting fifth offer (pic: DB Media Services)<\/p>\n
EasyJet has reached an agreement in principle to be acquired by a US investment firm in a deal worth about \u00a35.5 billion.<\/p>\n
The Luton-based airline had previously rejected four takeover approaches from Castlelake, which owns a stake of about 2.14% of the company through the funds it manages.<\/p>\n
EasyJet\u2019s board and Castlelake tonight said a proposed price of 690p per share table on Saturday would form the basis of an agreement and it has requested an extension to a deadline to complete the deal formally.<\/p>\n
At that price it would mean an \u00a3800m payday for EasyJet\u2019s founder, Stelios Haji-Ioannou, who still owns more than 15% of the company along with his family.<\/p>\n
However, Castlelake needs to get regulatory clearances which could be troublesome. EasyJet is a European company, so by EU rules it needs to be 51% owned by a European company.<\/p>\n
Castlelake has previously outlined how it would comply with this rule and has until 3 August to either announce a firm intention to make an offer or say it does not intend to do so. <\/p>\n
EasyJet\u2019s board said the financial terms of the proposed offer \u201care at a value that the board would be minded to recommend to easyJet shareholders\u201d, should a firm offer be made.<\/p>\n
It employs more than 19,000 people, and flies around 1,200 routes across 35 European countries.<\/p>\n
In an earlier rejection of Castlelake it accused its suitor of taking advantage of the depressed share price resulting from the US-Iran war. <\/p>\n
Castlelake, based in Minneapolis, Minnesota, is a US private equity investor founded by the American banker Rory O\u2019Neill. The company specialises in asset-based lending, including leasing planes to airlines.<\/p>\n
EasyJet shares closed on Friday at 558p.<\/p>\n
\t #EasyJet #board #agrees #5.5bn #takeover #principle #Daily #Business<\/p>\n","protected":false},"excerpt":{"rendered":"
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