easyJet's board rejected a fourth bid from U.S. investment firm Castlelake, extending talks to July 5. The proposal values the airline at £4.93 billion (about $6.49 billion) and offers 650 pence per share. Management says the offer undervalues the carrier and will share limited commercial data to encourage a better proposal. The bid also includes a commitment to maintain existing routes and staff levels for the next two years.

The rejection follows Castlelake’s previous three attempts, each falling short of easyJet’s expectations for a premium price. Analysts note the airline’s strong cash flow and growth potential in post‑pandemic travel, which they believe should command a higher multiple in the European sector than the 650‑pence bid implies. Shareholders may view the board’s stance as a defense of intrinsic value.

Regulators have pushed the deadline for Castlelake to declare a firm intention to bid or walk away, now set for July 5. By granting limited commercial insight, easyJet hopes to extract a more attractive offer without jeopardising its strategic options. The standoff underscores the airline’s resolve to secure a valuation that reflects its market position for shareholders.