JPM | EMEA Potential M&A List - updates as of July 15, 2026

Research evidence excerpt

JPM | EMEA Potential M&A List - updates as of July 15, 2026

confirmed that it is no longer considering an offer for the Company.

EasyJet announces a rights issue and new RCF facility. link

9-Sep-21: Bloomberg reports that EasyJet rejected a takeover approach from Wizz Air. link

31-Oct-22: Bloomberg reports that IAG is said to renew its plans to consolidate the sector with mounting speculation that it could

buy peers including easyJet and TAP. link

18-Feb-24: EasyJet founder Sir Stelios Haji-Ioannou, told The Mail on Sunday that a New York listing could boost its value and

bring it closer in size to rival Ryanair. link

29-May-26: Castlelake notes the recent speculation regarding easyJet and confirms that it is in the early stages of considering a

possible offer for the Company. The PUSU deadline is 26 June 2026. link

1-Jun-26: Castlelake own ~2.14% of EZJ LN. link

1-Jun-26: Easyjet is clear in its duty of aiming to maximise shareholder value and will consider any proposal, should one be

made. In any assessment, the Board will be especially mindful of its valuation and deliverability. link

1-Jun-26 - research: Harry Gowers notes that Castlelake is credible with a history in the European airline sector e.g. stake in SAS.

He thinks their interest could mean easyJet attracts interest from other financial or strategic parties. EZJ LN shares are -22% YTD

but have also materially underperformed RYA the past 5 years with subdued margin performance, no cash returns story, and

question marks over strategy. He estimates a book value of EZJ’s aircraft worth ~450p per share (Sep-27E), but this does not

consider the current market values of aircraft, future Airbus orderbook, or landing slots (he will follow up with more detailed

analysis).