LONDON, June 29, 2026, 11:02 BST
- London markets were open during normal hours at the dateline. LSE’s calendar shows trading on June 29, 2026 runs 0800 to 1630 BST.
- easyJet was indicated at roughly 580p in delayed broker quotes, leaving the shares about 12% under Castlelake’s fourth offer of 650p.
- A 700p price, seen as what top shareholders want, would put equity at about £5.31 billion, which is about £379 million more than the 650p offer, using 758.01 million shares.
easyJet plc (LON:EZJ) shares remain priced with a takeover discount, after the airline gave Castlelake access to only limited commercial information. The delayed quote showed the stock at 580.2p to sell, 580.6p to buy, off 0.51% for the day. Shares opened at 587p and closed previously at 583p.
The discount figure is what investors are watching. Castlelake put forward a fourth offer at 650p a share in cash. easyJet turned it down, calling it too low, but said more access to data could bring a “more attractive proposal”.
Castlelake’s filing set out the first three bid steps, with easyJet laying out the fourth step in a June 25 response. Hargreaves Lansdown showed 758.01 million shares outstanding. The 700p price level comes from Financial Times coverage of top shareholder demands.
| Price point | Basis | Implied equity value | Distance from 580.4p mid-quote |
|---|---|---|---|
| 560p | Castlelake initial offer | £4.24 bln | -3.5% |
| 600p | Castlelake raised bid | £4.55 bln | +3.4% |
| 625p | Castlelake third bid | £4.74 bln | +7.7% |
| 650p | Castlelake fourth offer | £4.93 bln | +12.0% |
| 700p | Reported leading holder’s ask | £5.31 bln | +20.6% |
The spread is key since nothing formal has come in yet. Castlelake faces a 1700 BST July 5 deadline to either make an offer or step back under UK takeover rules. easyJet said there’s still no guarantee of a bid.
Goodbody’s Dudley Shanley told Reuters “the narrative has definitively changed” for easyJet and the airline is “for sale at the right price”. Samuel Ziff at Oldfield Partners, an easyJet investor, said a fresh offer would have to be “significantly higher”. Reuters
Chris Beauchamp, chief market analyst at IG, told the Guardian the extension looks like a signal “some kind of deal is doable” and investors are looking for “a sweetened deal”. The Guardian
The board is making its price argument based on assets as well as earnings. At 650p, Castlelake’s equity offer lines up with easyJet’s net book value of owned assets, which stands near £5.0 billion. If the price moved to 700p, the equity value would run £306 million over those assets. That’s not the same as valuing the company at net assets; it just shows the calculation Castlelake is using to argue for a higher bid.
| easyJet data point | Latest figure | Deal read |
|---|---|---|
| H1 headline loss before tax | £552 mln loss against £394 mln loss last year | Near-term earnings are still under pressure |
| Net cash | £434 mln | Board can afford to wait for now |
| Liquidity | £4.7 bln | Sale not urgent for now |
| Net book value of owned assets | £5.0 bln | Used as a case for bumping the bid |
| easyJet holidays headline PBT | £61 mln; customers up 22% | Supports the board’s growth angle |
| H2 airline bookings | 58% sold, down 2 points year over year | Summer demand may be weaker |
| H2 fuel hedge | 72% at $726/MT; a $100/MT shift moves fuel by about £35 mln | Fuel moves could swing FY26 results |
easyJet CEO Kenton Jarvis said in May the airline was “well placed to manage the current environment” and wasn’t seeing fuel supply disruption. In the same update, the company said summer bookings lagged last year and higher fuel costs had hurt visibility.
Ownership is still the other gap. easyJet said Castlelake’s plan would put 49% of the new vehicle with Castlelake and partners like Brookfield Asset Management NYSE:BAM, while EU nationals including Peter Bellew and Mark Breen would hold 51%. Castlelake says the setup is designed for EU ownership rules. easyJet says it’s still not sure the deal can be delivered.
Castlelake’s appendix showed its 625p third proposal topped every analyst price target published since April 16, including targets of 570p from Barclays, 555p from UBS and 540p from Deutsche Bank. The reported 700p holder level sits above even the highest broker targets in Castlelake’s own list.
easyJet’s board told shareholders not to act for now.
