Castlelake offers £6.90 per share for EasyJet

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EasyJet has agreed in principle to a fifth takeover offer from Castlelake LP of £6.90 per share in cash, the companies said in a statement on Sunday. The offer values the UK budget carrier at about £5.2 billion ($6.9 billion) and supersedes a previous bid of £6.50 per share. The announcement is the latest step in a repeated bidding process and may determine shareholder returns and the progress of the acquisition, while the companies and investors consider whether the higher cash proposal will be accepted or matched.

Castlelake's £6.90 cash offer values EasyJet at £5.2 billion.