JPM | EMEA Spec Sits Daily: EZJ LN, BOSS GY: EMEA Special Situations Specialist Commentary Merger/Arbitrage + Pre-Announced + Spin-off Event Driven

Research evidence excerpt

JPM | EMEA Spec Sits Daily: EZJ LN, BOSS GY: EMEA Special Situations Specialist Commentary Merger/Arbitrage + Pre-Announced + Spin-off Event Driven

Specialist Sales J P M O R G A N

22 June 2026

JPM | EMEA Spec Sits Daily: EZJ LN, BOSS GY

+44 207 134 6029

zara.patel@jpmorgan.com

Special Sits Today

• News/ press: Third M&A proposal rejected by EZJ LN … Castlelake goes public given EZJ’s “unwillingness to engage

meaningfully”, PUSU deadline is this Fri 26/6 at 5pm

• Research: BOSS GY preview (4 Aug earnings), PUIG SM preview (30 July earnings), PRY IM notes from industrials

conf, BESI NA post CMD

• Today: CBK GY/UCG IM additional offer period starts

News & Press

M&A

• n/a

Soft Catalyst

• EZJ LN: Third M&A proposal rejected ... Castlelake goes public given EZJ’s “unwillingness to engage meaningfully”, PUSU

deadline is this Fri 26/6 at 5pm. link

• Rejected proposals - Castlelake has submitted three non-binding proposals to the easyJet Board - 560p (rejected on Tues

16/6), 600p (rejected on Sat 20/6) and 625p (rejected on Sun 21/6).

• Castlelake notes 625p is 16.5x 2027 P/E , 59% premium to the undisturbed price on 28/5/26, above all analysts price

targets and above EZJ’s share price since 25/2/22

• Partial equity alternative - Castlelake also intends to offer a partial equity alternative to allow easyJet shareholders to

remain invested in easyJet as a privately held business in partnership with Castlelake, subject to a maximum equity

participation limit and limitations on transferability.

• EU Ownership limits - the third proposal includes an EU Partner who will hold a controlling shareholding in the

structure. The EU Partner will be controlled by EU nationals: Peter Bellew and Mark Breen, who have held senior

positions in airlines including European LCCs.