The board of easyJet has approved a potential £5.7bn takeover offer from US private equity firm Apollo, marking a surprise bidding war for the low-cost airline. The company stated on Friday that it is "minded to recommend" the all-cash proposal, valued at £7.15 per share, to shareholders.
Bidding War Intensifies
Earlier this week, easyJet's board had agreed "in principle" to a £6.90 per share offer from Castlelake, another US private equity firm, after it increased its bid for the fifth time. That deal was worth approximately £5.5bn. However, analysts noted that the Castlelake offer undervalued easyJet, prompting the board to consider the higher Apollo bid.
The Apollo offer represents a premium over Castlelake's bid, reflecting the competitive nature of the acquisition process. easyJet's board is now expected to engage with both suitors to secure the best possible outcome for shareholders.
Vodafone Stake Sale
In a separate development, French telecoms billionaire Xavier Niel has become Vodafone's largest shareholder after acquiring a 16% stake worth £4.4bn. Niel, founder of Iliad, purchased the stake through his family investment vehicle Vega at a 15% premium to Vodafone's share price on Thursday.
The stake was sold by Emirati telecoms group e&, which had initially taken a £3.3bn stake in Vodafone in 2022. e& announced the sale of its entire shareholding at 112.5p per share on Friday.
Ryanair Incident
Meanwhile, a passenger on a Ryanair flight was reportedly nearly sucked out of a shattered window during a journey from Greece. The incident occurred after an engine failure caused parts to break the acrylic window, creating a sudden decompression.
The 61-year-old Serbian passenger was pulled from his seat and hung headfirst out of the window. He was saved by his wife, who held him by the legs until crew members could assist. The Boeing 737 made an emergency landing, and no serious injuries were reported.
