EasyJet opens talks with Castlelake after rejecting £4.9bn takeover offer

EasyJet has opened talks with Castlelake, despite rejecting a fourth takeover offer worth £4.9bn from the US investment firm, with the airline saying it would open its books in the hope of receiving a higher bid. The British budget carrier unanimously rejected the latest proposal, of 650p a share, saying it still “substantially” undervalued the company while flagging “significant questions of deliverability”. However, in a statement on Thursday, easyJet suggested a slight thawing in its positions. The airline said: “The board believes that giving Castlelake access to limited commercial information, as Castlelake sought in the letter which contained the fourth proposal, might produce a more attractive proposal that better reflects the value of easyJet and its prospects and the interests of shareholders thereto.” It added: “The board continues to be concerned about the ownership structure and deliverability of any offer from Castlelake, and the time it will take.” Castlelake has until 5pm on 5 July to improve its offer or walk away. The easyJet share price was up 6% on Thursday morning at 575p. Castlelake’s latest proposal, of 650p a share, was higher than its previous 625p a share offer, described by easyJet as “highly opportunistic”, and up from 403p in its first proposal, made on 1 June . The Minneapolis-based firm, which has $38bn (£28bn) in assets under management, is known for investing in aircraft leasing and aviation finance and already owns a small stake in easyJet. …