Apollo Leads easyJet Buyout Battle with £5.7B Bid, Topping Castlelake
APO sits 20% above its 52-week low of $99.56.
Summary
Apollo has emerged as the frontrunner to acquire UK airline easyJet with a £5.7 billion ($7.7 billion) all-cash proposal at 715 pence per share, edging out Castlelake's 690p bid. easyJet's board is now minded to recommend Apollo's offer and has withdrawn support for Castlelake. Apollo is also offering a stub equity alternative, allowing eligible shareholders to roll their stakes into the acquisition vehicle. The deal, if finalized, would add a major European carrier to Apollo's portfolio, leveraging its existing airline ownership experience. easyJet shares jumped 14% to 670p, reflecting market optimism but still below the offer price, indicating some deal risk remains. Apollo has until August 7 to make a firm offer under UK takeover rules.
At the time of this announcement, APO was trading at $119.84 on NYSE in the Finance sector, with a market capitalization of approximately $69.1B. The 52-week trading range was $99.56 to $157.28. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Reuters.