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easyJet extends takeover deadline
EasyJet has extended the deadline for Castlelake to decide on making a formal acquisition offer until August 7, instead of August 3, amid a bidding war to purchase the company, competing with Apollo. The UK takeover panel approved this extension, as bids for the acquisition are valued at approximately £5.7 billion ($7.68 billion), surpassing Castlelake's offer of £5.5 billion. Talks are moving toward closing the deal this week, despite concerns over ownership structures and investors' exit options. The bidding war has also impacted EasyJet's profits, which declined by 70% in the third quarter due to fuel price volatility and the effects of the Iran conflict, with expectations of clearer conditions approaching the summer season.
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