EasyJet has agreed in principle to accept the fifth cash offer from Castlelake, set at £6.90 per share. The budget airline had previously rejected four earlier proposals from the investment firm. This new bid values the company at approximately £5.2 billion (equivalent to $6.9 billion), an increase over the prior offer of £6.50 per share.

Negotiations between the two parties have been contentious over the past month. The low-cost carrier had previously characterized earlier takeover approaches as "highly opportunistic," accusing Castlelake of attempting to acquire the company at a low price. Conversely, the investment firm stated that EasyJet's board was unwilling to engage in substantive discussions, prompting it to take its proposal directly to all shareholders.