easyJet (LSE:EZJ) has noted a further extension to the deadline by which US private credit firm Castlelake must declare its hand on a possible takeover, with the new cut-off set for 5 pm on 3 August.
The extension follows Castlelake's agreement to a "best endeavours" commitment to obtain all necessary regulatory clearances, a concession that appears to have addressed one of the easyJet board's outstanding concerns with the so-called Fifth Proposal.
Castlelake said it remains supportive of easyJet's fleet modernisation programme, which it described as central to the airline's long-term competitiveness and sustainability, and emphasised its intention to back the carrier's growth if the deal proceeds.
The proposal remains conditional on satisfactory due diligence and the finalisation of definitive transaction documentation, and there is no certainty a firm offer will be made even if those pre-conditions are met.
By 3 August, Castlelake must either announce a firm intention to make an offer under Rule 2.7 of the City Code on Takeovers and Mergers, or walk away.
