EasyJet (LON: EZJ) Stock Rises 2.74% After Rejecting £4.7 Billion Acquisition Offer

easyJet shares surged on June 22, 2026, climbing 2.74% as the airline went public with a dramatic takeover standoff. Minneapolis-based asset manager Castlelake made a first cash bid for easyJet of 560 pence per share on June 12. It followed by a second offer of 600p on June 17. A third proposal of 625p per share on June 21, all of which were rejected by the easyJet board. 

The latest bid values easyJet at approximately £4.74 billion ($6.3 billion), and easyJet shares rose as much as 3.7% to 522.8 pence in early London trading. Peer airline stocks Ryanair (LON: RYA) and International Consolidated Airlines Group (LON: IAG) also attracted attention from sector-watchers on the day as European aviation deal activity heated up.

Three Bids, Three Rejections: The Castlelake Timeline

The speed and scale of this takeover battle is unusual by any measure: three offers in ten days, all turned down without meaningful engagement.

Minneapolis-based Castlelake, which manages about $38 billion in assets and has invested more than $24 billion in aviation since 2005, said the publication of its bid would allow easyJet shareholders to assess the bid and provide feedback to easyJet before the June 26 formal offer deadline.

Castlelake’s three proposals in sequence:

• Bid 1: 560p per share — submitted June 12, 2026
• Bid 2: 600p per share — submitted June 17, 2026
• Bid 3: 625p per share — submitted June 20, rejected June 21, 2026
• Current premium: 57% above easyJet’s May 29 undisturbed price of 394.2p
• Castlelake’s existing stake: 2.14% in easyJet through managed funds
• Deadline: June 26, 2026 (put up or shut up)

Castlelake said it partnered with aviation executives Peter Bellew, a former executive at Ryanair, easyJet, and Riyadh Air, and Mark Breen, CEO of Ireland-based Oneiros Aerospace, to structure EU-compliant ownership.

EasyJet rejects £4.7bn takeover offer from US investment firm https://t.co/yqFB4bfKey

— BBC News (UK) (@BBCNews) June 22, 2026

easyJet Calls the Bid “Opportunistic”

easyJet’s board did not mince words in its rejection statement, and the language was direct and unambiguous.

easyJet repeated its accusation that Castlelake’s offer was “highly opportunistic,” arguing that its share price had been “temporarily depressed” partly due to the impact of the Iran war on the travel sector. The board called the third proposal an attempt to acquire easyJet “on the cheap.” 

easyJet also called the envisaged ownership structure “opaque,” noting the bidding vehicle would be owned 49% by Castlelake and 51% by EU nationals and “potentially other investors which have not been disclosed.” EU ownership compliance remains a key obstacle in the deal negotiations.

EZJ Stock Snapshot on June 22, 2026

The share price reaction tells its own story: markets are pricing in a non-zero chance Castlelake returns with an improved or firmed offer before June 26.

Key easyJet (LON: EZJ) metrics on June 22, 2026:

• Opening price: GBX 518.00
• Intraday high: GBX 531.20
• Day’s gain: +2.74% (headline) / +3.7% intraday peak
• 52-week high: GBX 548.80
• 52-week low: GBX 332.60
• Market cap: £3.91 billion
• P/E ratio: 9.99
• Shares outstanding: 747.53 million

easyJet’s share price had fallen about 20% since the start of 2026 before takeover speculation emerged, but has gained more than a third over the past month.

easyJet’s Operational Scale Backs the Board’s Confidence

The board’s confidence is not baseless; it rests on a network and passenger base that few European carriers can match.

easyJet is one of Europe’s largest airlines. Last year it carried more than 90 million passengers, and it currently operates across 38 countries on more than 1,200 routes. The airline also holds an investment-grade balance sheet with a net cash position, a fact management emphasized in its rejection statement.

Under UK takeover rules, Castlelake has until June 26 to announce a firm intention to make an offer or withdraw its interest entirely. The next 96 hours will determine whether this deal moves forward or collapses.

Conclusion

easyJet’s 2.74% climb on June 22, 2026, is a direct market response to the £4.74 billion Castlelake bid saga. With three offers rejected in ten days, an “opaque” ownership structure flagged, and a firm deadline of June 26 approaching, this is the most significant M&A event in European aviation so far in 2026. easyJet’s board has been clear and consistent: 625p is not enough, and the airline’s long-term value is not fully reflected in any of Castlelake’s three proposals.

Disclaimer:

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