EasyJet has formally rejected a third takeover proposal from US investment firm Castlelake, dismissing the £4.74 billion offer as a "highly opportunistic" attempt to acquire the carrier at a discount.
The board's decision marks a definitive end to the current bidding round, with executives arguing the valuation fails to reflect the airline's long-term strategic value.
The rejection comes as EasyJet faces headwinds from declining summer flight bookings, a trend analysts have linked to broader consumer caution and competitive pressure in the European low-cost market.
By branding the bid as opportunistic, the board is signaling that it will not entertain offers that capitalize on short-term operational softness.
Castlelake, which has persisted with multiple proposals, now faces a significant hurdle in its pursuit of the UK-listed carrier.
The investment firm's strategy appears to have underestimated the board's resolve to maintain independence, particularly given the potential for a recovery in travel demand later in the year.