The carrier said the approach was rejected unanimously by its board and has been withdrawn
Picture: REUTERS/KAY NIETFELD
easyJet shares fell as much as 14% as the company said it will instead raise $2bn in stock and debt. The funding will provide a buffer to get through the slow winter season and position the carrier for a tentative rebound in leisure travel. Representatives for Wizz Air and easyJet declined to comment on the offer.
“easyJet’s network and customer reach combined with Wizz’s low-cost management style would be a winning combination,” Daniel Roeska, an analyst at Sanford C Bernstein, said in an investor note. “It would definitely be a major shake-up of the European space.” During the coronavirus crisis easyJet has been held back by a slower reopening of UK travel amid constantly changing travel curbs, just as Wizz has benefited from a more rapid return to flying within the EU.
Last year, Haji-Ioannou objected to an easyJet share sale and did not participate, causing his stake to shrink. He has long criticised a deal to buy Airbus jets, and said he would only invest more if it was dropped.
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