easyJet: Board rejects offers at 560p, 600p and 625p

Research evidence excerpt

easyJet: Board rejects offers at 560p, 600p and 625p

Equity Research

European Transportation

22 June 2026

easyJet

Board rejects offers at 560p, 600p

and 625p First Look

Castlelake announces easyJet board rejected bids at 560p, EZJ.L/EZJ LN OVERWEIGHT

600p and 625p. Publishes details of the 625p bid for investor European Transportation NEUTRAL

consideration. Addresses ownership issues via a trust Price Target GBP 5.70

Price (19-Jun-26) GBP 5.04

structure. Reaction of founder to equity alternative Potential Upside/Downside +13.1%

important. Should clarify investor price sensitivity. Source: Bloomberg, Barclays Research

European TransportationView: Today’s announcement could help clarify investor attitudes to pricing of any potential

Andrew Lobbenberg

deal, as well as the position of the founder. It lays out Castlelake’s solution to ownership and

+44 (0)20 3555 0639

control issues. We have argued these issues are less challenging than press reaction suggested. andrew.lobbenberg@barclays.com

Founder Stelios Haji Ioanniou, owns the brand and receives an annual 0.25% revenue royalty. Barclays, UK

His reaction to the offer of equity participation could be important, as access to the brand is

Emilie Fung

relevant. We see the board statement rejecting the bid as vanilla: it expresses confidence in the

+44 (0)20 3555 2335

strategy and argues 625p undervalues the business but does not explicitly rule out more emilie.fung@barclays.com

constructive engagement at a higher price. Coming days could reveal the price sensitivity of Barclays, UK

relevant parties.

Helene Iselin

Castlelake release today: Castlelake publicly discloses the rejection of three non-binding +44 (0)20 7773 7391

helene.iselin@barclays.comproposals at 560p, 600p and 625p.