Castlelake, LP, an American private investment company, said on Monday that its third 625 pence per share proposal to acquire EasyJet PLC (EZJ.L,EJT1.DE,ESYJY,EJTTF) has been rejected by the British airline company.
Earlier, the airline company had rejected Castlelake's prior proposals of 600 pence per share and 560 pence per share.
Castlelake noted that it third proposal could support the British airline to achieve its target of over GBP 1 billion profit before tax in the medium-term. The investment company added that its third proposal substantially de-risks the execution of EasyJet's business plan and compares favorably to the net present value of EasyJet's share price.
According to Castlelake, the 625 pence per share proposal is premium of around 59% to the EasyJet share price of 394.20 pence as of May 28, the last day before Castlelake's interest in EasyJet became public.
The third proposal is also a premium of around 71% to the volume weighted average EasyJet share price of 365.42 pence per share from April 16, until the undisturbed date.
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