Extension of Castlelake PUSU Deadline
Summary by AI BETAClose X
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION.
THIS IS AN ANNOUNCEMENT UNDER RULE 2.4 OF THE UK CITY CODE ON TAKEOVERS AND MERGERS (THE "CODE") AND DOES NOT CONSTITUTE AN ANNOUNCEMENT OF A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE CODE. THERE CAN BE NO CERTAINTY THAT AN OFFER WILL BE MADE.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.
3 August 2026
easyJet plc
Extension of Castlelake PUSU Deadline
On 10 July 2026, the Board of easyJet plc (“easyJet” or the “Company”) and Apollo Management X, L.P. (together with Apollo Global Management, Inc. and its subsidiaries, “Apollo”), on behalf of certain of its managed investment funds, announced that they had reached an agreement in principle on the key financial terms of a possible cash offer to acquire the entire issued and to be issued share capital of easyJet for £7.15 per share.
Accordingly, the easyJet Board also announced that it was no longer minded to recommend the possible offer from Castlelake, L.P. (“Castlelake”) to acquire the entire issued and to be issued share capital of easyJet for £6.90 per share.
Since then, easyJet has been providing diligence access to both Apollo and Castlelake.
In accordance with Rule 2.6(a) of the Code, each of Castlelake and Apollo are required, by not later than 5.00 pm on 3 August 2026 (the “Castlelake PUSU Deadline”) and 7 August 2026 (the “Apollo PUSU Deadline”), respectively, either to announce a firm intention to make an offer for easyJet in accordance with Rule 2.7 of the Code or to announce that they do not intend to make an offer for easyJet, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies.
To align the Castlelake PUSU Deadline and the Apollo PUSU Deadline, the Board has requested, and the Panel on Takeovers and Mergers has consented to, an extension of the Castlelake PUSU Deadline to 7 August 2026. Consequently, each of Castlelake and Apollo are required, by not later than 5.00 pm on Friday, 7 August 2026 to announce a firm intention to make an offer for easyJet in accordance with Rule 2.7 of the Code or to announce that they do not intend to make an offer for easyJet, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies.
There can be no certainty that any firm offer will be made.
Shareholders are advised to take no action at this time.
This announcement was made without Apollo or Castlelake’s consent.
The Company's LEI number is 2138001S47XKWIB7TH90.
The person responsible for arranging the release of this announcement on behalf of easyJet is Rebecca Mills.
For further details please contact easyJet plc:
| Institutional investors and analysts: | |||
| Adrian Talbot | Investor Relations | +44 (0) 7971 592 373 | |
| Media: | |||
| Anna Knowles | Corporate Communications | +44 (0) 7985 873 313 | |
| Harry Cameron | Teneo | +44 (0) 7799 152 148 | |
| Evercore (Lead Financial Adviser) | +44 (0) 207 653 6000 | ||
| Simon Robey | |||
| Simon Warshaw | |||
| Daniel Zumbuehl | |||
| BNP Paribas (Financial Advisor & Corporate Broker) | +44 (0) 20 7595 2000 | ||
| Andrew Forrester | |||
| Matt Randall | |||
| Panmure Liberum (Corporate Broker) | +44 (0) 20 3100 2000 | ||
| Bidhi Bhoma | |||
| Nicholas How | |||
Clifford Chance LLP is acting as legal adviser to easyJet.
Additional Information
Evercore Partners International LLP (“Evercore“), which is authorised and regulated by the Financial Conduct Authority (“FCA“) in the United Kingdom, is acting exclusively as financial adviser to easyJet and no one else in connection with the matters described in this announcement and will not be responsible to anyone other than easyJet for providing the protections afforded to clients of Evercore nor for providing advice in connection with the matters referred to herein. Neither Evercore nor any of its subsidiaries, branches or affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Evercore in connection with this announcement, any statement contained herein, any offer or otherwise. Apart from the responsibilities and liabilities, if any, which may be imposed on Evercore by the Financial Services and Markets Act 2000, or the regulatory regime established thereunder, or under the regulatory regime of any jurisdiction where exclusion of liability under the relevant regulatory regime would be illegal, void or unenforceable, neither Evercore nor any of its affiliates accepts any responsibility or liability whatsoever for the contents of this announcement, and no representation, express or implied, is made by it, or purported to be made on its behalf, in relation to the contents of this announcement, including its accuracy, completeness or verification of any other statement made or purported to be made by it, or on its behalf, in connection with easyJet or the matters described in this document. To the fullest extent permitted by applicable law, Evercore and its affiliates accordingly disclaim all and any responsibility or liability whether arising in tort, contract or otherwise (save as referred to above) which they might otherwise have in respect of this announcement, or any statement contained herein.
BNP Paribas is authorised and regulated by the European Central Bank and the Autorité de Contrôle Prudentiel et de Résolution. BNP Paribas is authorised by the Prudential Regulation Authority and is subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request. BNP Paribas has its registered office at 16 Boulevard des Italiens, 75009 Paris, France and is registered with the Companies Registry of Paris under number 662 042 449 RCS and has ADEME identification number FR200182_03KLJ. BNP Paribas London Branch is registered in the UK under number FC13447 and UK establishment number BR000170, and its UK establishment office address is 10 Harewood Avenue, London NW1 6AA. BNP Paribas is acting as financial adviser exclusively for easyJet and no one else in connection with the matters described in this announcement and will not be responsible to anyone other than easyJet for providing the protections afforded to clients of BNP Paribas or for providing advice in relation to the matters described in this announcement or any transaction or arrangement referred to herein.
Panmure Liberum Limited (“Panmure Liberum”), which is authorised and regulated by the Financial Conduct Authority (“FCA“) in the United Kingdom, is acting exclusively for [easyJet] and for no one else in connection with the subject matter of this announcement and will not be responsible to anyone other than [easyJet] for providing the protections afforded to its clients or for providing advice in connection with the subject matter of this announcement. Neither Panmure Liberum nor any of its affiliates (nor their respective directors, officers, employees or agents) owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Panmure Liberum in connection with this announcement, any statement contained herein or otherwise.
This announcement is not intended to, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to this announcement or otherwise.
This announcement has been prepared in accordance with English law and information disclosed may not be the same as that which would have been disclosed in accordance with the laws of jurisdictions outside England. The release, publication or distribution of this announcement in whole or in part, directly or indirectly, in, into or from certain jurisdictions may be restricted by law. Therefore, any persons who are subject to the laws of any jurisdiction other than the United Kingdom or shareholders of easyJet who are not resident in the United Kingdom will need to inform themselves about, and observe, any applicable requirements. Any failure to comply with the restrictions may constitute a violation of the securities law of any such jurisdiction.
Rule 26.1 disclosure
In accordance with Rule 26.1 of the Code, a copy of this announcement will, subject to certain restrictions relating to persons resident in restricted jurisdictions, be available on easyJet’s website at corporate.easyJet.com/investors/possible-offer-from-castlelake/, by no later than 12 noon (London time) on the business day following the date of this announcement. For the avoidance of doubt, the content of the website referred to in this announcement is not incorporated into and does not form part of this announcement.
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