🟢 EZJ.L is trading 11% up today after agreeing to a £5.5bn takeover offer from Castlelake

EZJ.L is trading about 11% up today at $616 after easyJet’s board agreed in principle to a £5.5 billion cash takeover offer from Castlelake.

• The bid values the airline at £5.5 billion on a fully diluted basis, representing a 73% premium to its May 29 price level.
• The offer of £6.90 per share is driving a sharp rerating as investors price in the deal terms and evaluate potential completion risks.