Shares in easyJet (LON: EZJ) have risen around 2.5% on Monday morning after the airline confirmed it had aligned the “put up or shut up” (PUSU) deadlines for the two private equity groups vying to take the budget carrier private, extending the timetable to Friday, 7 August 2026.
In a statement to the London Stock Exchange, easyJet said the Takeover Panel had agreed to push back the deadline for Castlelake, L.P. from 3 August to 7 August, matching the date already set for Apollo Management X, L.P.
Under Rule 2.6(a) of the Takeover Code, both suitors must now declare by 5pm that day whether they intend to make a firm offer for the airline, or walk away.
The move follows developments on 10 July, when easyJet’s board said it had reached agreement in principle with Apollo on key financial terms for a possible cash offer of £7.15 per share — above Castlelake’s earlier proposal of £6.90 per share.
As a result, the board said it was no longer minded to recommend Castlelake’s approach, though both parties have continued to be granted diligence access.
Monday’s announcement gives investors a firmer sense of timing after weeks of uncertainty, with the market apparently taking the alignment of deadlines as a signal that a resolution — potentially a formal Apollo bid — is drawing closer. easyJet cautioned there is “no certainty” either party will proceed, and advised shareholders to take no action for now.
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