EasyJet aligns Apollo and Castlelake deadlines as bidding war nears climax

Aug 3 (Reuters) - EasyJet ‌on Monday ​extended ​the deadline for suitor Castlelake to decide whether to make a firm ‌takeover offer, bringing it into line with ⁠the deadline facing Apollo as the bidding war for ‌the budget carrier enters ‌a decisive week.

Here are some details:

• The UK Takeover Panel consented to an extension of ​Castlelake's "put up or shut up" deadline to August 7 from August 3, matching Apollo's ⁠existing deadline.

• EasyJet said it has been providing diligence access ​to both Apollo and Castlelake since the last proposal was made.

• EasyJet backed ​a £5.7 billion ($7.68 billion) takeover bid ‌tabled by Apollo Global Management in July, which trumped an earlier £5.5 billion ⁠bid by Castlelake.

• The bidding war for easyJet possibly heads into its final stretch this week, ⁠with unresolved questions over ownership structures and investor exit ​options clouding the path to a deal.

• The budget carrier's profit plummeted 70% in the third quarter, it ‌reported late in July, as the Iran war led to volatile fuel ‌prices and made travellers wary, though the airline ⁠indicated clearer skies ‌heading into peak ​summer.

($1 = 0.7422 pounds)

(Reporting by Yamini Kalia in Bengaluru; Editing by Mrigank Dhaniwala and Subhranshu ‌Sahu)

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