finance
Investment fund makes third takeover bid for easyJet worth £4.74 billion
A U.S. investment fund has disclosed a £4.74 billion offer for easyJet after three proposals were rejected by the airline's board. The fund now plans to present the offer directly to shareholders ahead of a June 26 deadline.
Jun 22, 3:02 AM·1m read1 source
The IndependentAudio version
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A U.S. investment fund has disclosed a third takeover proposal for easyJet worth £4.74 billion after the airline's board rejected three successive offers. The fund, which holds a 2.14 percent stake in easyJet, said it submitted the latest bid at 625 pence per share on June 20. The board rejected the proposal the following day.
It stated that the board had not engaged meaningfully with any of the three proposals. The fund said it is now taking the offer directly to shareholders so they can consider its merits and communicate their views to the board.
response The disclosure comes ahead of the Takeover Panel's June 26 deadline. The fund described the offer as compelling value, citing a 59 percent premium to easyJet's closing share price on May 28. EasyJet had previously called the initial interest highly opportunistic and pointed to regulatory and financial challenges associated with any takeover.
The airline also highlighted its medium-term target of more than £1 billion in pre-tax profits.
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