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EasyJet's Board Faces a Public Bid from CastlelakeUS investment firm Castlelake has taken its third attempt to acquire easyJet public, hoping shareholder pressure will reopen talks before the “put up or shut up” deadline at the end of the week.Castlelake's £4.7bn Offer and Its Structural TwistThe latest proposal values the airline at £4.7bn, or 625p per share, and includes an EU‑partner structure designed to satisfy European ownership rules. The partner would be led by two EU nationals, one a former easyJet executive, holding a majority of voting rights while economic ownership remains with Castlelake and co‑investors.Valuation Gap: 625p per Share vs Market PriceOffer price: 625p per shareCurrent market price: 518p (up 2% on Monday)Previous high since early 2022: 625pCompany’s balance‑sheet assets: roughly £5bn (208 owned aircraft, landing slots)The bid sits below the market price and well under the price needed to persuade shareholders, especially given the airline’s solid asset base.Implications for EU Ownership Rules and Shareholder SentimentEasyJet’s board questions the “deliverability” of the structure, arguing it is opaque and may skirt EU rules that require majority ownership by European investors. Without the backing of founder Stelios Haji‑Ioannou, who holds a 15% stake, the proposal lacks the political weight to sway shareholders.What’s Next for the Takeover Negotiations?With the deadline looming, Castlelake must either improve the price or secure Stelios Haji‑Ioannou’s support. If the bid remains unchanged, easyJet is likely to reject it, leaving the airline to pursue its medium‑term target of £1bn‑plus profit through cost‑saving programmes and a recovery in post‑war demand.