British low-cost airline easyJet announced Sunday that it has reached an agreement in principle with U.S.-based investment firm Castlelake on a revised takeover proposal worth £6.90 per share.
The updated offer puts easyJet’s total value at approximately £5.23 billion, which is equivalent to around $6.94 billion.
Castlelake had made an earlier approach at £6.50 per share, but easyJet rejected that proposal. The investment firm later returned with another improved offer worth £4.93 billion, which the airline also declined — though easyJet signaled a willingness to keep negotiations going by allowing Castlelake limited access to its commercial data.
The latest sweetened bid at £6.90 per share appears to have moved the two sides closer to a deal, with the airline now agreeing in principle to the terms.
