Overview
- EasyJet announced an accord de principe with US manager Apollo on Friday and said its board unanimously concluded the £7.15 per‑share proposal would be recommendable if a binding offer is lodged by August 7.
- Apollo's £7.15 proposal values EasyJet at about £5.7 billion and eclipses Castlelake's latest £6.90 per‑share approach, prompting EasyJet to say it is no longer disposed to recommend Castlelake's earlier proposal.
- Apollo has said it supports EasyJet's low‑cost growth plan, including expanding fleet capacity, boosting ancillary services and loyalty, and developing EasyJet Holidays as a steadier revenue source.
- The next steps are a formal, binding bid from Apollo or an improved rival offer, followed by shareholder consideration and regulatory checks that include rules on European majority control of UK carriers.
- The process comes after EasyJet reported a widened first‑half loss in May and warned of continued pressure from the Middle East conflict, a backdrop the board cited when judging earlier bids and that has weighed on the airline's share price.