As the takeover battle nears its deadline, easyJet has extended Castlelake’s timeline to submit a firm takeover offer, placing the US investment firm on the same timetable as rival Apollo Global Management.
Castlelake now has until 1700hrs GMT on Friday, August 7, 2026, to either announce a binding offer or confirm that it will walk away. Its previous deadline had been August 3. Rival bidder Apollo had already faced the August 7 cut-off. The airline said that both prospective bidders have been granted access to due-diligence information.
The takeover process began in late May, when Castlelake emerged as a potential buyer. Its first four proposals, including a £6.50-per-share approach, were rejected, with easyJet arguing that they undervalued the airline. However, the board subsequently indicated it was minded to recommend Castlelake’s improved fifth proposal of £6.90 per share.
The board’s position then changed after Apollo, which has a history of aviation investments, including equity stakes or major financing deals with airlines including Sun Country Airlines, Virgin Atlantic, and Air France-KLM, entered the contest with a £7.15-per-share cash proposal. This valued easyJet’s fully diluted ordinary share capital at approximately £5.7bn. On July 10, the airline’s board agreed the principal financial terms with Apollo and withdrew its support for Castlelake’s lower offer.
Neither party has yet made a firm bid, and there remains no certainty that an offer will materialise. Castlelake could return with an improved proposal, while further deadline extensions remain possible with easyJet’s agreement and Takeover Panel approval. Shareholders have been advised to take no action while the process continues.
