easyJet’s board is prepared to recommend Castlelake’s £5.5bn takeover offer, marking a breakthrough after rejecting four prior bids. The fifth proposal, priced at £6.90 per share, values the airline at £5.2bn in cash terms or £5.5bn fully diluted, a 73% premium to its May 29 closing price. Castlelake, holding 2.14% of easyJet, must declare firm intention to proceed by 17:00 BST on 3 August 2026. The deal requires regulatory approval and shareholder vote, complicated by EU rules mandating 51% European ownership for EU airlines. Castlelake has committed to structuring the bid with EU nationals, including former Malaysia Airlines CEO Peter Bellew, to comply with ownership regulations.