Castlelake walks away from easyJet pursuit amid bidding war
Castlelake ends takeover attempt of easyJet
(Corrects paragraph 4 to say shares were down, not up, 4.8%)
Background of the takeover attempt
Aug 6 (Reuters) - Castlelake said on Thursday it was no longer pursuing a takeover of easyJet, ending its months-long buyout attempt of one of Europe's biggest budget airlines weeks after a higher bid from rival suitor Apollo Global.
Castlelake's role and statement
The Minneapolis-based firm, which is a major aviation investor, did not specify why it bowed out of the race, but said it was "very appreciative of the constructive engagement with the easyJet Board and management team."
Details of the proposals and valuation
Castlelake's decision ends a pursuit that saw the investment firm make five proposals for easyJet, including a £6.90 per share bid made public on July 5 that valued the airline at £5.5 billion ($7.41 billion).
Market reaction
EasyJet shares were down 4.8%.
Exchange rate information
($1 = 0.7424 pounds)
Reporting credits
(Reporting by Yamini Kalia and Prerna Bedi in Bengaluru; Editing by Joyjeet Das and Jonathan Ananda)
