EasyJet gives Castlelake four more days to decide on bid

EasyJet PLC ( LSE:EZJ ) has given private equity group Castlelake four more days to decide whether to make a firm takeover offer, bringing its deadline into line with rival bidder Apollo. Castlelake and Apollo must now confirm by 5pm on Friday, 7 August whether they intend to make binding offers for the airline or walk away. Apollo gatecrashed Castlelake's takeover on 10 July , agreeing a possible £7.15-a-share cash offer with easyJet's board, worth about £5.4 billion. This saw the board withdraw its previous support for Castlelake's proposal of £6.90 a share, or roughly £5.2 billion. EasyJet has since provided due diligence access to both potential buyers. Castlelake originally faced a 'put up or shut up' deadline of 5pm on 3 August, while Apollo had until 7 August. The Takeover Panel approved easyJet's request to extend Castlelake's deadline, allowing both bidders to continue their work on the same timetable. Either party must now announce a firm intention to bid or confirm that it does not intend to proceed. The airline said there was no certainty that either approach would result in a firm offer and advised shareholders to take no action.