US investment firm reveals €5.46m bid for EasyJet 

EasyJet board has refused to engage and has rejected three approaches

EasyJet suitor Castlelake has gone public with a takeover proposal for the budget airline worth £4.74bn (€5.46bn) after three approaches have been rejected outright. Picture: PA

EasyJet suitor Castlelake has gone public with a takeover proposal for the budget airline worth £4.74bn (€5.46bn) after three approaches have been rejected outright.

Castlelake said it put forward a third approach to acquire easyJet on June 20 worth 625p a share, but this was rejected on June 21.

The US private credit company said it was now taking its third proposed offer to easyJet shareholders after the carrier has refused to engage.

It said: “Following the rejection of three proposals by the easyJet board, and given its unwillingness to engage meaningfully, Castlelake is announcing this third proposal to enable easyJet shareholders to consider its merits and provide their views on the third proposal to the easyJet board.” It comes ahead of the upcoming so-called “Put-up or Shut-up” deadline at 5pm on Friday June 26.

Castlelake said its proposal is backed by two prominent Irish aviation executives: former Malaysia Airlines CEO Peter Bellew and  Mark Breen, as it seeks to be in accordance with those rules.

The partnership would bring Mr Bellew back to easyJet, where he served as chief operating officer from 2020 to 2022. He had left Ryanair to join easyJet, which prompted a non‑compete challenge that subsequently failed.

Mr Breen is currently CEO of Dublin-based Oneiros Aerospace, having previously worked for Oman Air.

Additional reporting by Reuters.