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International Business Times
International Business Times
Business
Merin Rebecca Thomas

easyJet's Board Backed A Takeover Deal. Its Stock Is Soaring.

easyJet Castlelake London
easyJet’s shares climbing sharply in early trading as investors assessed the revised valuation and structure of the offer. The rally followed months of volatility in airline stocks driven by cost pressures and shifting travel demand. (Credit: AFP)

easyJet shares surged in London after the airline agreed in principle to an improved takeover proposal from U.S. investment firm Castlelake valued at about $7.3 billion. The stock reached a 52-week high as investors reacted to the revised cash offer and extended timeline for a formal bid.

The offer stands at $6.90 per share in cash, following a series of earlier proposals that were rejected by the airline's board. Castlelake has now made five approaches in total. According to CNBC, the company has until Aug. 3 to either finalize a binding offer or step away from the deal after reaching an agreement in principle with easyJet's board.

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