Bidding war breaks out for easyJet as Apollo tops rival private-equity group's bid
By Steve Goldstein
Apollo has launched a counter bid for easyJet.
A bidding war has broken out for EasyJet, the British low-cost airline, with a second American private-equity bid.
EasyJet said that Apollo Management has submitted a proposal for a possible cash offer for easyJet plc (UK:EZJ) at GBP7.15 per share, valuing the company at approximately GBP5.7 billion ($7.7 billion).
That's above the GBP6.90 per easyJet share bid from Castlelake that easyJet had previously said it was prepared to accept.
Apollo also said it's planning to keep the brand licence agreement between easyJet and easyGroup, owned by easyJet founder Stelios Haji-Ioannou, who still has a 15% stake in the airline.
-Steve Goldstein
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07-10-26 0240ET
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