易捷航空原则上同意接受阿波罗57亿英镑现金收购要约EasyJet Agrees in Principle to £5.7 Billion Apollo Takeover Bid

美国私募股权公司阿波罗全球管理公司向易捷航空发出了每股7.15英镑的现金收购要约，使这家英国廉价航空公司成为两家美国投资机构争夺的目标。该报价对易捷航空的整体估值达到57亿英镑（约合76.5亿至77亿美元）。易捷航空董事会表示，在与财务顾问进行仔细评估后，董事会一致认为该报价的财务条款达到了其愿意向股东推荐的水平，因此原则上接受了该方案。

US private equity firm Apollo Global Management has gatecrashed the takeover process for easyJet with an all-cash proposal of 715 pence per share, valuing the British low-cost carrier at £5.7 billion (approximately $7.65 billion to $7.7 billion). The unexpected move has placed the Luton-based airline at the center of a bidding war between two major US investment funds. Following a detailed review alongside its financial advisers, the easyJet board unanimously concluded that the financial terms of Apollo's proposed cash offer are at a level that it would be minded to recommend to its shareholders, leading to an agreement in principle.

董事会明确表示，阿波罗的报价能够为易捷航空的投资者带来比此前竞争对手更为优越的结果。因此，董事会已经正式转向，宣布不再倾向于推荐本周早些时候原则上同意接受的卡斯尔莱克收购方案。目前，阿波罗提出的这一全现金方案已获得易捷航空董事会的初步认可，但该要约仍属于潜在报价，尚未最终落实为具有约束力的正式协议。

The airline's board stated that the terms of Apollo's bid deliver a superior outcome for easyJet shareholders compared to the rival proposal. Consequently, the board has officially shifted its stance, declaring that it is no longer minded to recommend the alternative offer from Castlelake. While the board has given the green light to Apollo's higher proposal, the company emphasized that this represents an agreement in principle on a potential offer rather than a finalized, legally binding transaction.

在此次董事会态度转变之前，卡斯尔莱克曾在经历连续五次提高报价后，于本周早些时候与易捷航空达成原则性协议。当时，卡斯尔莱克提出的方案总价值为55亿英镑，折合每股6.90英镑。尽管该方案获得了易捷航空董事会的初步接受，但市场分析人士指出，每股6.90英镑的报价实际上低估了易捷航空的真实价值。此前，由于卡斯尔莱克试图以较低的价格收购该公司，易捷航空也曾多次予以拒绝，并指责其试图“便宜购入”。

Prior to the board's sudden shift, Castlelake had secured an agreement in principle earlier in the week after raising its offer for the fifth time. Castlelake's proposal valued the budget carrier at £5.5 billion, representing 690 pence per share. Although easyJet's board had initially accepted those terms, market analysts pointed out that the 690 pence-per-share valuation fell short and undervalued the airline. This followed a series of earlier, rebuffed attempts by Castlelake, which easyJet had previously rejected while accusing the US investment firm of trying to buy the carrier 'on the cheap.'

随着阿波罗全球管理公司提出更具竞争力的每股7.15英镑报价，易捷航空董事会迅速调整了立场。董事会目前已明确表示撤回对卡斯尔莱克方案的推荐意向，不再倾向于接受该方案。分析人士认为，阿波罗的介入不仅打破了卡斯尔莱克此前的独占局面，也迫使易捷航空重新评估其资产价值，从而选择能够为投资者带来更优财务回报的方案。

With Apollo Global Management stepping in with its higher 715 pence-per-share proposal, the easyJet board quickly altered its course. The board has now formally withdrawn its intention to recommend the Castlelake deal, stating it is no longer minded to accept the lower offer. Analysts noted that Apollo's higher bid exposed the valuation gaps in Castlelake's previous proposal, leading the board to prioritize the option that delivers a superior financial outcome for its shareholders.

在阿波罗全球管理公司提出的收购方案中，一项关键条款是为现有股东提供“存续股权替代方案”。该方案允许易捷航空的现有股东选择将其持有的股份转入阿波罗基金用以持有易捷航空投资的实体中，从而在公司退市后继续保留投资，而不必被强制套现。根据该替代方案的条款，选择跟投的股东将能够维持其投票权，不过该方案的具体条款目前仍有待进一步讨论。

A key feature of Apollo Global Management's proposal is the inclusion of a "Stub Equity Alternative" offered to current shareholders as an alternative to the cash payment. This option allows easyJet's existing investors to roll their current shareholdings into the specific vehicle through which the Apollo Funds would hold their investment in the airline. By choosing this rollover option, shareholders can remain invested under Apollo's ownership post-delisting rather than being forced to divest their holdings. Under the proposed terms of this alternative, participating shareholders would maintain their voting rights, though the precise terms remain subject to further discussion.

这一存续股权选择对于易捷航空的创始人斯特里奥斯·哈吉-约安努及其家族而言尤为重要。哈吉-约安努家族目前仍持有该航空公司超过15%的股份。在传统的私募股权收购退市过程中，中小股东通常会被强制套现，而阿波罗提供的这一替代路径，使创始人家族及其他投资者能够在易捷航空私有化后，继续作为持股股东参与公司的后续发展。

This rollover mechanism is particularly significant for easyJet's founder, Stelios Haji-Ioannou, who along with his family still owns more than 15% of the budget carrier. While standard private equity takeovers typically force minority shareholders to cash out upon delisting, Apollo's structure provides a distinct pathway for the founder's family and other major stakeholders to retain their equity and maintain an ongoing investment in the airline's private future.

受此竞购消息推动，易捷航空在伦敦上市的股票价格于周五交易中大涨13.2%。而在前一个交易日（周四），该股收盘价为每股5.88英镑，当日微跌0.5%。自今年年初以来，易捷航空的股价已累计上涨15.2%。周五的股价飙升反映出市场对两家美国私募股权巨头之间展开竞购战的积极预期。

Following the announcement of the rival takeover interest, easyJet's London-listed shares surged by 13.2% during Friday's trading session. This sharp increase followed a quiet session on Thursday, when the stock closed at 588 pence after a minor 0.5% decline. Since the beginning of the year, the budget carrier's shares have accumulated a total gain of 15.2%, with the latest market rally reflecting investor optimism over the emerging bidding war between the two prominent US private equity firms.

目前，两家竞购方均面临明确的监管最后期限，必须在此日期前决定是提交具有法律约束力的正式报价还是放弃收购。卡斯尔莱克提交正式报价的截止日期为8月3日。而作为新介入的竞购方，阿波罗全球管理公司则被设定了更为宽裕的期限，须在8月7日17:00之前做出决定。这一阶段性期限将决定这起涉及数十亿英镑的航空业收购案的最终走向。

Both suitors are now bound by strict regulatory deadlines to either formalize their respective proposals into firm offers or walk away from the transaction. Castlelake faces an upcoming deadline of August 3 to make a firm offer for the Luton-based airline. Meanwhile, Apollo Global Management has been set a deadline of 17:00 on August 7 to either announce a firm intention to make an offer or withdraw, establishing a clear timeline for the resolution of this multi-billion-pound takeover contest.