2014 file. MercerMJ / CC BY-SA 2.0; cropped.
easyJet shareholders approved Apollo’s proposed £5.7 billion takeover on Wednesday, clearing a shareholder hurdle for the European budget airline’s sale while leaving court approval and other conditions outstanding.
At the court meeting, 97.07% of the scheme shares voted supported the transaction. The proposal also received support from 83.29% of scheme shareholders voting. At a separate general meeting, the resolution needed to implement the deal passed with 96.67% of votes cast.
The vote moves forward the cash acquisition by Eagle Bidco Ltd, a company indirectly owned by funds managed by Apollo affiliates. It does not complete the takeover. The scheme still requires court sanction and the satisfaction or waiver of other conditions.
easyJet said in its meeting-results announcement that it expects the scheme to become effective before the end of the first quarter of 2027. The timetable remains subject to the outstanding conditions.
The boards agreed the acquisition on August 6, as previously reported by JBizNews. Under the agreed cash offer, shareholders are entitled to £7.15 per share, valuing easyJet’s issued and to-be-issued ordinary share capital at about £5.7 billion. The scheme document was published on October 15.
For investors, Wednesday’s result settles the shareholder votes rather than the closing date. easyJet said it would issue further announcements as the remaining steps progress.
JBizNews Desk | London
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