EasyJet shares soar after £5.5billion takeover approach wins board backing

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EasyJet agrees to $6.7 billion takeover by U.S.

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budget airline has struck a deal to be acquired after rejecting four previous offers by the American investment firm.

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EasyJet shares soar after £5.5billion takeover approach wins board backing.

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EasyJet shares have surged by 12 per cent in early trading after the budget airline announced it had reached an agreement in principle with US investment firm Castlelake over a potential £5.5billion takeover.

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The proposed deal values the Luton-based carrier at around £5.5billion, with Castlelake offering £6.90 a share, representing a significant premium to Friday's closing price of £5.58.EasyJet's board said it would be minded to recommend the offer to shareholders if Castlelake submits a formal bid on the agreed terms.The announcement follows months of negotiations between the two companies and could pave the way for one of the biggest takeovers in the European aviation sector in recent years.

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TRENDING Stories Videos Your Say Castlelake, which manages assets worth approximately $36billion, already owns around 2.14 per cent of EasyJet through investment funds.The agreement follows a lengthy period of negotiations after Castlelake submitted four previous takeover proposals, all of...

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