easyJet sets up dramatic deadline day finale for Castlelake and Apollo bids

A dramatic deadline day finale looms after easyJet extended the date at which potential owner Castlelake can make an improved offer to takeover the low-cost carrier.

On August 3, 2026, easyJet extended Castlelake’s ‘put-up or shut-up’ deadline date to match with Apollo Management’s offer deadline.

Initially, Castlelake had until 17:00, local time, on August 3, 2026, to submit an acquisition offer that rivaled that of Apollo.

easyJet said both Castlelake and Apollo now have until 17:00 on August 7, 2026, to announce a firm intention to make an offer or to announce that they do not intend to make an offer for the carrier.

As things stand, Apollo is in pole position after easyJet said on July 10, 2026, that an “agreement in principle” had been reached with the US firm to buy the airline for $7.6 billion (£5.7 billion).

London Gatwick AirportThe Apollo offer meant that shareholders would be entitled to receive $9.59 (£7.15) per easyJet share, while Castlelake only promised $9.26 (£6.90) per share.

Catlelake’s offer on July 5, 2026, was priced at $6.9 billion (£5.2 billion).

The request to align the dates was made by the easyJet board and approved by the Panel on Takeovers and Mergers.

easyJet said today’s “announcement was made without Apollo or Castlelake’s consent”.

By aligning the deadline, easyJet avoids any one bidder appearing to have an advantage in proceedings and effectively creates a level playing field as the matter reaches its conclusion.

The process also incentivizes the two companies to make their best offer and allows easyJet to weigh the bids side by side.

“There can be no certainty that any firm offer will be made. Shareholders are advised to take no action at this time,” easyJet added.

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