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 significant escalation in the ongoing M&A saga, signaling that the airline's management remains unwilling to sell despite persistent pressure from the private equity group.
The rejection comes as EasyJet navigates a challenging operational environment, with the airline recently reporting a decline in summer flight bookings.
Analysts have pointed to these softer demand trends as a key factor behind Castlelake's aggressive bidding strategy, suggesting the US firm is attempting to capitalize on near-term headwinds to secure a bargain.
However, EasyJet's leadership argues that the bid materially undervalues the business, ignoring the carrier's strong market position and long-term growth prospects.
This is the third time Castlelake has approached EasyJet with a purchase offer, each time facing resistance from the board.