easyJet rejected a fourth takeover offer from US investment firm Castlelake valued at approximately £4.9 billion (US$6.5 billion) on June 25, 2026 [1, 2, 3, 4]. The latest bid came at £6.50 per share, higher than Castlelake's previous offer of £6.25 per share [1, 2, 4]. Despite rejecting the offer, easyJet’s board said it would grant Castlelake limited access to commercial information in hopes of receiving a better proposal [1, 2, 3, 4].
The board expressed ongoing concerns about Castlelake’s ownership structure, the feasibility of the offer, and the time required to complete any deal [2]. “The board continues to be concerned about the ownership structure and deliverability of any offer from Castlelake, and the time it will take,” the easyJet board said [2]. However, the board added that giving limited commercial access “might produce a more attractive proposal” [1].
Castlelake, which manages $38 billion (£28 billion) in assets, expanded its bidding vehicle by adding Brookfield Asset Management and two Irish aviation executives, Peter Bellew and Mark Breen [2]. Bellew is a noted figure in the aviation sector, having served as CEO of Malaysia Airlines and held senior roles at easyJet, Riyadh Air, and Ryanair. He currently leads Dooks Capital, focusing on AI in aviation [2].
The bidding process began on June 1, 2026, when Castlelake made its initial offer of 403p (£4.03) per share [2]. The offer has increased through several rounds to the current 650p (£6.50) per share valued at nearly £4.93 billion [1, 2, 3, 4].
UK takeover rules have extended Castlelake’s deadline to submit a firm offer or walk away until July 5, 2026 [1, 2, 4]. This extension gives Castlelake time to decide whether to improve its bid or withdraw. EasyJet will continue discussing terms during this period.
The next step is the July 5 deadline, when Castlelake must either table a final offer or end its takeover attempt.
