00:06EasyJet said on Friday it had agreed in principle to Apollo Global Management's cash offer of 7.15
00:13pounds a share worth about 5.7 billion pounds. The board hold it as a superior outcome for
00:19shareholders than the offer made by U.S. private equity firm Castle Lake. Investors welcomed the
00:25auction as EasyJet shares climbed around 15 percent to roughly 6.75 pounds on Friday morning
00:31the highest level since early 2022. The conflict between the U.S. and Iran sent jet fuel prices
00:38soaring and disrupted travel plans with EasyJet's shares losing more than a third of their value.
00:44The damage showed in the accounts with the airline reporting losses. The obstacle now facing both
00:50bidders sits in EU law which requires airlines flying within the bloc to be majority owned
00:56and effectively controlled by EU member states. Castle Lake had proposed to satisfy the rule
01:02by partnering with two Irish aviation executives Peter Bellew and Mark Breen. Castle Lake must decide
01:08by the 3rd of August whether to bid or withdraw with Apollo facing a deadline of the 7th of August.
01:15Should a deal succeed EasyJet would leave the London Stock Exchange.
01:20?
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