EasyJet’s board unanimously rejected a third unsolicited takeover proposal from U.S. investment firm Castlelake.
The cash offer valued the airline at £4.7 billion ($6.2 billion). This latest proposal offered shareholders £6.25 per share. Castlelake previously submitted unsuccessful bids of £5.60 and £6.00 per share.
The board dismissed the offer as highly opportunistic and an attempt to acquire the company on the cheap. Directors argued the valuation is based on a share price temporarily depressed by geopolitical conflict.
EasyJet maintains its independent strategy, citing a strong balance sheet and projected profit growth. Castlelake has appealed directly to shareholders by making the offer public. The firm has until June 26 to make a firm offer or walk away under UK takeover rules.