Apollo Leads $7.6B EasyJet Bidding War as Board Backs Higher Offer
APO sits 22% above its 52-week low of $99.56.
Summary
Apollo has emerged as the frontrunner in the $7.6 billion takeover battle for EasyJet, with the airline's board withdrawing support for rival Castlelake and backing Apollo's higher £5.7 billion ($7.68 billion) proposal at £7.15 per share. The U.K. Takeover Panel has set a Friday deadline for both Apollo and Castlelake to submit firm offers, escalating the contest for one of Europe's largest budget carriers. Apollo's bid carries an 81% premium to EasyJet's May 28 closing price and plans to retain the EasyJet brand through a licensing deal with the founder's easyGroup. The deal would significantly expand Apollo's aviation portfolio, though regulatory hurdles remain as EU rules require majority EU ownership. This follows Apollo's recent string of large-scale acquisitions, including the Emerald Holding and Questex deal in May, and comes amid a challenging airline profit environment due to the Iran war.
At the time of this announcement, APO was trading at $121.31 on NYSE in the Finance sector, with a market capitalization of approximately $74.2B. The 52-week trading range was $99.56 to $153.29. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Benzinga.