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EasyJet rejects takeover bid, plots $2.0 bn lifeline

EasyJet stated it rejected an unsolicited takeover bid that “fundamentally undervalued” the no-frills airline.

British airline EasyJet on Thursday revealed it had rejected a takeover method, reportedly from rival Wizz Air, and revealed a $2.0-billion lifeline because the battered aviation sector seems to get better.

No-frills service EasyJet stated in a press release that the bid had undervalued the group, including that the suitor was now not contemplating a proposal and that the airline would now promote new shares to boost round £1.2 billion ($1.6 billion, 1.4 billion euros).

Bloomberg reported that the bidder had been Hungarian funds airline Wizz Air.

EasyJet in the meantime added that it had secured a brand new credit score facility totalling $400 million.

“The board recently received an unsolicited preliminary takeover approach,” EasyJet stated within the assertion.

“This was carefully evaluated and then unanimously rejected. The potential bidder has since confirmed that it is no longer considering an offer for the company.”

EasyJet stated the “highly conditional all-share” proposal “fundamentally undervalued the company”.

The rights points would “facilitate and accelerate the group’s recovery from the impact of the Covid-19 pandemic”, it added.

Chief government Johan Lundgren stated the financing enhance would additionally place EasyJet for progress, permitting it to make the most of funding alternatives “as the European aviation industry emerges from the pandemic”.

EasyJet flies into first annual loss

© 2021 AFP

EasyJet rejects takeover bid, plots $2.0 bn lifeline (2021, September 9)
retrieved 9 September 2021
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