UK low-cost carrier easyJet plc (EZJ.L) on Monday said its board has not received any approach, proposal, or engaged in any discussions with investment firm Castlelake.
The statement follows Castlelake's announcement on May 29 that it is in the early stages of considering a possible offer for easyJet. Castlelake also disclosed on Monday that it holds 16.24 million easyJet shares, representing a 2.14% stake in the airline. Under Rule 6 of the UK Takeover Code, any offer by Castlelake would have to be made at no less than 403.23 pence per share.
easyJet said it would consider any proposal should one be made, with a focus on maximizing shareholder value. It added that any assessment would take into account both valuation and deal deliverability.
The company said the timing of Castlelake's interest appears highly opportunistic, noting that its share price has been temporarily depressed by the situation in the Middle East.
"The Board remains highly confident in easyJet's strategy and its ability to deliver attractive long-term value for shareholders. The Company remains focused on executing its medium-term target of delivering greater than £1 billion profit before tax," the company said in a statement.
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