<\/p>\n
EasyJet: no talks at present (pic: DB Media Services)<\/p>\n
Shares in budget airline EasyJet soared by around 12% after American investment fund Castlelake confirmed it is considering a possible offer.<\/p>\n
The easyJet board described its suitor\u2019s interest as \u201chighly opportunistic\u201d with its value currently depressed by global events affecting air traffic.<\/p>\n
Castlelake is required to announce its intentions 5pm on 26 June unless an extension is granted by the takeover panel.<\/p>\n
In a brief statement this morning, Castlelake said it \u201cnotes the recent speculation regarding easyJet. Castlelake confirms that it is in the early stages of considering a possible offer for the company. No approach has been made to the board of easyJet. There can be no certainty that any offer will be made, nor as to the terms of any offer.\u201d<\/p>\n
EasyJet said there have been no discussions. The board stated it will evaluate any proposal with a focus on valuation, particularly given the current temporary depression in easyJet\u2019s share price due to geopolitical events and fuel prices, and will also consider the considerable regulatory and financial challenges of a takeover.<\/p>\n
The company highlighted its strong financial position with net cash and an investment-grade balance sheet, expressing confidence in its strategy to deliver over \u00a31 billion profit before tax and long-term shareholder value.<\/p>\n
It said: \u201cThe board notes the highly opportunistic timing when easyJet\u2019s share price is temporarily depressed due to the current situation in the Middle East and its impact on customer confidence and jet fuel prices.<\/p>\n
\u201cEasyJet is in a position of strength, underpinned by an investment grade balance sheet with a net cash position, alongside strong customer satisfaction and high employee engagement.\u201d.<\/p>\n
It advised shareholders to take no action at this time.<\/p>\n
It has been suggested that easyJet\u2019s planes alone may be worth more than its \u00a33 billion stock market listing. The company owns 205 planes outright, alongside 151 leased planes \u2014 as well as lucrative take-off and landing slots at Gatwick airport, where it operates more than a third of all flights.<\/p>\n
Among the options for Castlelake would be taking control and selling the business to another airline. Castlelake did this when Scandinavian Airlines (SAS) failed. It bailed out the business, then sold on its shares to Air France-KLM.<\/p>\n
\t #fund #Castlelake #confirms #bid #interest #Easyjet #Daily #Business<\/p>\n","protected":false},"excerpt":{"rendered":"
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