EasyJet Board Rejects Third Takeover Bid From Castlelake, Deadline Looms on June 26

The battle over the future of easyJet is intensifying, with US private equity firm Castlelake having now made three separate takeover proposals to the airline’s board — all of which have been firmly rejected. The first approach, made on June 12, 2026, offered 560 pence per share and was turned down on June 16. A second bid, raised to 600 pence, met the same fate. The third and most recent offer, pitched at 625 pence per share and submitted on June 20, was rejected by the board the very next day.

After two private refusals, Castlelake decided to go public with its third proposal — a move designed to build shareholder pressure and force the board into a more receptive posture. By making the offer public, Castlelake is inviting easyJet’s institutional investors to weigh the merits of the bid directly and make their views known to management before the critical regulatory deadline.

That deadline falls on June 26, 2026 at 18:00, under UK takeover panel rules that impose a ‘put up or shut up’ obligation. By that point, Castlelake must either commit to a formal, binding takeover offer or withdraw from the process entirely and remain barred from returning for a defined period. The public campaign in the days leading up to this deadline is clearly aimed at maximizing pressure on the board in the time that remains.

Financial markets have reacted positively to the news of the public bid: easyJet’s share price has risen as investors price in the possibility that the board may ultimately be persuaded to engage constructively. At 625 pence, Castlelake’s offer represents a meaningful premium to the airline’s pre-approach trading price, and some analysts have suggested that a revised bid in the 650-680 pence range could prove harder for the board to dismiss. The outcome, however, remains highly uncertain heading into the final days before the deadline.