Apollo Bids £5.7bn for easyJet in Takeover War

US private equity firm Apollo entered a bidding war for the low-cost airline easyJet on Friday, submitting a potential all-cash offer valued at £5.7 billion. The airline's board announced it is "minded to recommend" this offer to shareholders, which equates to £7.15p per share. This development follows an earlier, rival offer from Castlelake, which the easyJet board had also indicated it was prepared to accept earlier this week. The emergence of multiple bids signifies significant interest in easyJet's market position and future prospects. Apollo's offer represents a substantial financial commitment, highlighting the firm's strategic investment in the aviation sector. The board's willingness to consider Apollo's proposal suggests it may be more favorable or strategically aligned than the previous offer from Castlelake. Shareholders will now face a decision between the two competing offers, with the board's recommendation likely to heavily influence their choice. The total valuation of £5.7 billion indicates a premium over easyJet's current market valuation, reflecting the potential for future growth and profitability under private equity ownership. The outcome of this bidding war will have significant implications for easyJet's operational strategy and its role within the European airline market.