EasyJet has rebuffed three separate takeover offers from US investment fund Castlelake LP, prompting the investment firm to take its latest proposal directly to shareholders. The most recent bid from Castlelake, made on June 20, 2026, was for 625 pence per share, valuing the budget airline at approximately $6.3 billion (£4.74 billion). This offer was rejected by EasyJet's board on June 21, ahead of a "Put-up or Shut-up" deadline on Friday, June 26.
EasyJet has publicly stated that Castlelake's offers, which increased from initial proposals of 560 pence and 600 pence per share, are "highly opportunistic" and fundamentally undervalue the airline and its future prospects. The company argues that the bids are made against a backdrop of a temporarily depressed share price and are an attempt to acquire EasyJet "on the cheap." Despite the latest offer representing a 59% premium on EasyJet's share price at market close on May 28, investors appear skeptical, with the stock still trading almost a pound below Castlelake's latest offer.
Castlelake, which owns a stake of about 2.14% in EasyJet, maintains that its latest bid offers "compelling value" and decided to go public with the offer to allow EasyJet shareholders to consider its merits. The US firm criticized EasyJet's board for its unwillingness to engage meaningfully in discussions. Castlelake had previously expressed interest in acquiring Spirit Airlines earlier this year, but that transaction did not materialize, leading the firm to focus on easyJet amidst what it sees as external pressure on aviation valuations.
