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EasyJet shareholders approve £5.7bn Apollo takeover
EasyJet said 97.07% of shareholders voted in favour of a £5.7 billion cash takeover by U.S. private equity firm Apollo, with completion targeted by the end of March 2027, BBC reported.
- BBC is now reporting this
- New headline Was: “EasyJet shareholders approve £5.7 billion Apollo takeover”
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EasyJet shareholders on Wednesday approved a £5.7 billion cash takeover by U.S. private equity firm Apollo, the Luton-based airline said1.
The carrier said 97.07% of shareholders voted in favour of the takeover at an investor meeting, and that the deal is due to complete by the end of March next year1.
EasyJet's board agreed in August to Apollo's offer of 715 pence a share1. BBC said the transaction would end more than 26 years on the London stock market and put the company under U.S. ownership1.
Apollo won a bidding contest with U.S. investment firm Castlelake, which had proposed £5.5 billion, or 690 pence a share, before withdrawing in August1. Apollo also owns The Restaurant Group, operator of Wagamama, BBC reported1.
EasyJet was founded in 1995 by Sir Stelios Haji-Ioannou as a low-cost airline1. Sir Stelios and his family, who own just over 15% of the company, have backed the takeover1.
BBC said the airline is understood to be consulting on proposals that could cut about 50 head-office roles from a team of about 2,3001. Reuters also reported the shareholder vote; its article could not be read in full from this desk2.
Sources
How it’s being reported
2 sourcesEasyJet shareholders approve £5.7bn takeover
U.S. ownership after more than 26 years on the London stock market, and a possible cut of about 50 head-office jobs.
BBC reports shareholders approved Apollo's £5.7bn bid with 97.07% voting in favour, targeting completion by the end of March. BBC News
Leaves out Full court-meeting and general-meeting vote tables and EU voting-rights suspensions.
EasyJet shareholders approve £5.7 billion Apollo takeover
Leads with a figure in the headline.