Fourth bid rejected but PUSU deadline extended offering Castlelake time to improve offer

Research evidence excerpt

Fourth bid rejected but PUSU deadline extended offering Castlelake time to improve offer

C A Z E N O V E Europe Equity Research

25 June 2026

easyJet Underweight

EZJ.L, EZJ LN

Fourth bid rejected but PUSU deadline extended Price (24 Jun 26):540p

offering Castlelake time to improve offer Price Target (Dec-27):340p

News: easyJet has rejected a fourth bid put forward by Castlelake to acquire European Transport & Logistics

ACeasyJet at 650p per share (versus previous bid at 625p per share), once again stating Harry J Gowers

that it is “substantially undervaluing the company and its prospects”. The board (44-20) 7134-7522

has, however, requested a nine-day extension of the PUSU deadline to 5PM UKT harry.gowers@jpmorgan.com

on Sunday, 5 July 2026, which has been approved, and this will give Castlelake J.P. Morgan Securities plc

access to limited commercial information, which could in turn potentially deliver Alexia Dogani

a more attractive proposal. The bidding vehicle remains the same and would be (44-20) 3493-3791

alexia.dogani@jpmorgan.com

owned 49% by Castlelake and certain co-investors (including Brookfield which is J.P. Morgan Securities plc

new information) and 51% by EU nationals including Peter Bellew and Mark

Bhavpreet S Batra

Breen. easyJet states that it continues to be concerned about the ownership (91-22) 6157-5046

structure and deliverability of any potential offer, and the time it might take to bhavpreet.batra@jpmorgan.com

satisfy those points. J.P. Morgan India Private Limited

Shikha Khurana

Our view: Despite an improved offer, in our view there are still obstacles present (91-22) 6157-5022

for Castlelake to deliver on meeting the Board’s view of easyJet’s potential value, shikha.khurana@jpmchase.com

including the price gap, Stelios and ownership structure.