Apollo lodges £5.7 billion all-cash bid for easyJet, topping Castlelake
Big news for easyJet: US investment firm Apollo just dropped a £5.7 billion all-cash bid to buy the airline, topping a previous offer from Castlelake.
Apollo's proposal values each share at £7.15, which analysts say is a fairer price than Castlelake's earlier bid that many felt undervalued the company.
easyJet board to back Apollo offer
The easyJet board now says it plans to recommend Apollo's higher offer to shareholders, pulling support from Castlelake's deal.
If Apollo wins, it promises to keep the current management and strategy in place, invest in better planes and travel perks, and let existing shareholders stay on board even if the company goes private.
There's still some time before it's official; Apollo has until August 7 to lock things in, but this could mean smoother skies ahead for easyJet travelers and investors alike.