EasyJet Agrees on Key Terms of Fifth Takeover Proposal from Castlelake

EasyJet (EZJ.L) said Sunday that its directors agreed on the key financial terms of a takeover proposal of 6.90 pounds sterling per share from alternative investment firm Castlelake. The offer marked Castlelake's fifth takeover offer for the British budget airline and represented an increase from the 6.50 pounds per share in the fourth proposal. Similar to previous iterations, the latest offer comes with an option to receive a portion of the consideration in equity form. The finalization of the deal is subject to due diligence, among other conditions. At the request of easyJet's directors, the UK's Panel on Takeovers and Mergers granted Castlelake an extension until Aug. 3 on the deadline to finalize its intention for the airline.