Castlelake, US private equity, has bypassed easyJet board and sent its latest takeover offer directly to shareholders. After the board rejected three non‑binding proposals, the firm disclosed a cash bid of 625p per share, valuing the carrier at roughly £4.7bn. The offer comes as the carrier battles rising fuel costs and intense competition.

easyJet's board had turned down offers at 560p, 600p and the final 625p, each presented this month. Management argued the proposals undervalued the airline’s growth prospects and balance‑sheet strength, while Castlelake argued that the cash offer provides immediate premium to investors. Analysts say the 625p price adds a 15% premium to levels. The public filing forces analysts to reassess valuation multiples and potential defensive measures.

Investors watch the episode for clues on easyJet’s strategic options, including a possible poison‑pill or a search for a white‑knight partner. With the airline’s market cap hovering near the bid size, any escalation could move the stock price sharply. Castlelake’s direct appeal underscores the firm’s confidence that shareholders will favor a clean cash exit over board‑led alternatives. A defensive board could spark a higher‑priced auction.