00:00It's Benzinga, bringing Wall Street to Main Street.
00:02EasyJet shares surged Friday after the airline said it is considering a $7.7 billion takeover
00:09proposal from Apollo Global Management, days after agreeing in principle to a lower offer
00:13from Castle Lake. Apollo's cash bid values EasyJet at $9.61 per share and includes an
00:21alternative that would allow shareholders to roll their holdings into the acquiring vehicle
00:25while retaining voting rights. EasyJet said the Apollo proposal offers greater value and
00:30is no longer recommending Castle Lake's bid. The offer represents a 22% premium to Thursday's
00:36closing price. The bidding battle comes as the airline faces rising fuel costs and weaker
00:41operating conditions linked to the Middle East conflict. Shares rose 13.2% Friday after closing
00:480.5% lower at £5.88 on Thursday. The stock has gained 15.2% since the start of
00:56the year.
00:56For all things money, visit Benzinga.com.
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