Apollo's £5.7B EasyJet Bid Gains Edge as Bidding War Nears Climax
APO sits 26% above its 52-week low of $99.56.
Summary
Apollo's £5.7 billion ($7.68 billion) takeover bid for EasyJet has been backed by the airline's board, giving it an edge over Castlelake's earlier £5.5 billion offer. The UK Takeover Panel extended Castlelake's deadline to August 7, matching Apollo's, setting up a decisive week. Unresolved questions over ownership structures and investor exit options could still cloud the path to a deal. EasyJet's profit plunged 70% in Q3 due to volatile fuel prices and war-related travel caution, but the airline sees clearer skies ahead. This follows Apollo's recent string of major moves, including acquisitions and a $26 billion private credit fund redemption cap.
Updates
· Benzinga — The UK Takeover Panel set a Friday deadline for both Apollo and Castlelake to submit firm offers. Apollo's bid is £7.15 per share, an 81% premium to EasyJet's May 28 close, and includes a brand licensing deal with easyGroup.
At the time of this announcement, APO was trading at $125.59 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: Reuters.