Deadline looms this week for rival easyJet takeover bids

A single deadline looms this week for rival bidders for easyJet to make formal offers.

The budget airline is being chased by two US suitors.

Initially the carrier agreed to a £5.2 billion takeover by Castlelake, after rejecting four of the US private equity group’s previous bids as “highly opportunistic”.

However, Apollo Management stepped in days later with a £5.7 billion offer which was accepted by the easyJet board.

Castlelake originally had until 5pm today (Monday) to make a formal offer or walk away. Apollo had until the same time on Friday (August 7) to make its proposal official.

However, easyJet issued a statement to the London Stock Exchange this morning to say that the two deadlines would be aligned to August 7.

The airline said: “Consequently, each of Castlelake and Apollo are required, by not later than 5pm on Friday, 7 August 2026 to announce a firm intention to make an offer for easyJet or to announce that they do not intend to make an offer.”

EasyJet also noted that it has been providing diligence access to both Apollo and Castlelake.

If Apollo’s bid succeeds, it will add to the asset manager’s growing interests in the airline and travel sectors.

Apollo agreed to acquire Trafalgar, Uniworld, Contiki and Insight Vacations parent company The Travel Corporation (TTC) in 2024.

Its private credit arm lent $745 million to Virgin Atlantic against the majority of its take-off and landing slots at Heathrow last November.

Apollo provided Air France-KLM with €500 million financing in 2023 to support engineering and maintenance activities.

It became the largest shareholder in Aeromexico in 2022 after the airline emerged from bankruptcy protection and made a loan investment in SAS the following year.

Apollo plans to release financial results for the second quarter 2026 on Tuesday before the opening of trading on the New York Stock Exchange.

Castlelake said on July 10, the day the Apollo offer emerged, that it was “considering its options” regarding a possible offer for easyJet, adding that a further announcement “will be made as and when appropriate”.