London, June 17, 2026, 15:18 BST
- easyJet traded near 503p, slipping 0.5% after gaining 1.1% Tuesday.
- Castlelake faces a June 26 deadline to put forward a formal bid or drop talks. Any potential offer was previously outlined at more than 403.23p per share.
- Fuel prices and last-minute summer bookings are still the biggest variables for the shares.
easyJet shares slipped in London afternoon trade Wednesday, paring some of Tuesday’s rise with bid speculation running into a weaker UK market. Shares were at 502.6p to sell and 503.2p to buy, off 0.55%, according to AJ Bell.
Shares are now trading about 25% higher than the 403.23p benchmark that Castlelake would need to beat with any potential offer. That means Castlelake can’t come in with an offer much below current prices if it wants investors to pay attention.
Castlelake has until 1700 London time on June 26 to put forward a firm offer or walk away, in line with UK takeover rules. easyJet said earlier this month it had not had any approach or proposal and called the timing “highly opportunistic”, pointing to pressure on sentiment from the Middle East and jet fuel prices. Investegate
UK stocks fell on Wednesday, with inflation steady at 2.8% for May and traders waiting for the Bank of England’s rate call Thursday. The FTSE 250, where easyJet sits, dropped 0.4% by late morning.
Deal chatter is still in play. Air France-KLM CEO Ben Smith on Friday said the company hasn’t been approached by Castlelake about a bid and isn’t taking a close look at easyJet. Asked if Air France-KLM would consider easyJet if approached, Smith said, “Perhaps.” He called easyJet’s assets “amazing”. Reuters
Air France-KLM, IAG and Lufthansa come in here more as comparisons than as actual bidders. Smith told Reuters Castlelake hasn’t asked them to join in on any deal.
Under the headline bid premium, easyJet’s results are uneven. The airline posted a £552 million pre-tax loss for the first half, deeper than the £394 million loss last year. Group revenue climbed to £3.95 billion. Passenger numbers rose 6%. Load factor ticked up to 90%.
easyJet holidays stands out in the results, with the division reporting headline pretax profit of £61 million, based on the adjusted figure. Customer numbers at the holidays unit rose 22%, easyJet said in its half-year update.
Fuel’s still a headache. Jet fuel prices have climbed over 80% since late February, Reuters reported last month. EasyJet’s 72% hedge gives “protection, but not immunity,” Freetrade’s Duncan Ferris said, so the airline is “a little exposed” to higher costs. Reuters
There’s a clear risk here. If Castlelake pulls out, or a bid lands below where shares are trading, some of that takeover premium could disappear quickly. Should fuel costs rise or consumers keep waiting until the last minute to book, the focus for investors may switch back to losses, fare pressure, and how much cash the company is bringing in, instead of any buyout hopes.
