Will any remaining bidders for easyJet please make their way to the boarding gate? In reality, we’ve probably seen the whole cast at this point because the arrival of US private equity firm Apollo, trumping Castlelake’s offer, is a surprise. But the outbreak of a competitive auction will come as a relief to easyJet’s board.
For all the fake drama of Castlelake’s five offers, it was an act of timidity on the part of the easyJet chair, Sir Stephen Hester, to surrender at 690p, as argued here earlier this week. Apollo’s 715p, or £5.7bn, is only 3.6% more but at least the first digit is less embarrassing and there is always a chance Castlelake comes back for another go.
