EasyJet Airbus A320 aircraft seen at Malpensa Airport near Milan, Italy, on October 3, 2018.
Stefano Lerandini | Reuters
easyjet On Friday, the company announced it was considering a $7.7 billion tender offer. Apollo Global Management.
Under the terms of the cash offer, easyJet shareholders are entitled to receive £7.15 ($9.61) per share in the company, valuing the company at £5.7 billion (approximately $7.66 billion).
As an alternative to cash payments, Apollo will also offer shareholders the option of a stub equity alternative, or the option to “convert existing shares in EasyJet into a vehicle for the Apollo Funds to retain their investment in EasyJet.”
The terms of the alternative, under which shareholders retain voting rights, are still subject to further discussion.
EasyJet shares soared on Monday after the company accepted a $7.3 billion takeover offer from private equity firm Castle Lake.
Apollo’s proposed price represents an 81% premium to EasyJet’s closing share price of £3.94 per share on May 28, the last business day before the start of the offer period for Castle Lake’s proposed acquisition.
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