A rival bid for budget airline easyJet has been accepted by the company, beating a previous offer that had only been approved by the carrier on Monday.
Now an offer from US asset management firm Apollo, valuing easyJet at £5.7bn, has been agreed.
It has pipped the previous deal approved with US investors Castlelake, which, after weeks of wrangling, priced the budget airline at £5.5bn.
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The deal is subject to shareholder and regulator approval, but if agreed, it will mean easyJet is no longer listed on the London Stock Exchange.
The latest offer suggests a bidding war may be under way for the airline, which has become a takeover target after grappling with a post-pandemic recovery and high jet fuel costs, and after its share price plunged in recent years.
Read more: Why easyJet is attracting takeover interest
It most recently reported an increased loss of £552m for the first half of its financial year.
Apollo’s offer “delivers a superior outcome for easyJet shareholders”, easyJet said, meaning it would be minded to recommend it to its shareholders.
It was no longer recommending the Castlelake proposal.
What next?
The bid is only an offer in principle, so a firm intention to make an offer must be announced or Apollo must say it no longer wishes to acquire easyJet.
It has until 7 August to do so.
It is possible that the other bidder, Castlelake, could come back with a revised and improved offer, having already submitted five proposals.
EasyJet shareholders are “strapping in for an exciting ride”, according to Aarin Chiekrie, an equity analyst at financial services company Hargreaves Lansdown.
Reaction
As with previous days when takeover details were published, the easyJet share price has risen significantly, up nearly 14% on Friday morning.
A share now costs just under £6.70, less than the £7.15 per share that Apollo has offered.
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