The US investment company Castlelake has made a £4.7 billion offer to buy easyJet public, after the airline's board of directors turned down three different proposals.

美國投資公司 Castlelake 提出 47 億英鎊收購 easyJet 使其私有化，此前該航空公司的董事會拒絕了三項不同的提案。

The current disagreement follows several increasing bids from Castlelake, ending in a final offer of 625p per share. This price is 24% higher than recent closing prices, although it is lower than the peaks seen in early 2022. The easyJet board described these offers as 'highly opportunistic.' They emphasized that the company's value has dropped temporarily due to political instability in the Middle East and changing fuel prices. However, the board asserts that the airline is still financially strong, with about £5 billion in assets, including 208 aircraft and important landing slots.

目前的分歧源於 Castlelake 數次提高出價，最終定在每股 625 便士。此價格比近期收盤價高出 24%，儘管低於 2022 年初的高點。easyJet 董事會將這些出價描述為「高度投機」。他們強調，由於中東政治動盪及燃油價格波動，公司價值暫時下跌。然而，董事會堅稱該航空公司財務依然強健，擁有約 50 億英鎊資產，包括 208 架飛機及重要的起降時段。

A major point of conflict is whether the proposed ownership structure is actually possible. To follow European Union rules that require airlines to be mostly owned by EU citizens, Castlelake suggested a plan involving an EU-based company led by two EU nationals, Peter Bellew and Mark Breen. This group would have the official voting power, while the financial benefit would mostly go to Castlelake. The easyJet board rejected this plan, calling it 'opaque' and questioning if it is a legal way to avoid regulations.

一個主要衝突點在於擬議的所有權結構是否可行。為了遵守歐盟要求航空公司必須由歐盟公民主導持有的規定，Castlelake 建議由兩名歐盟國民 Peter Bellew 和 Mark Breen 領導一家總部位於歐盟的公司。該團隊將擁有正式投票權，而財務利益則主要歸 Castlelake 所有。easyJet 董事會拒絕了此計劃，稱其「不透明」，並質疑這是否為規避監管的合法手段。

Furthermore, the success of the bid depends on the support of major shareholders. Stelios Haji-Ioannou, who owns 15% of the company, has remained neutral. Consequently, many investors are skeptical that there will be enough support for a takeover. While Castlelake claims it wants to keep the airline's current network and operations, the board argues that the current offer is too low, especially since they expect medium-term profits to exceed £1 billion.

此外，收購的成功取決於大股東的支持。持有公司 15% 股份的 Stelios Haji-Ioannou 保持中立。因此，許多投資者懷疑是否會有足夠的支持來完成收購。雖然 Castlelake 聲稱希望保留該航空公司的現有航網與營運，但董事會認為目前的出價過低，特別是他們預計中期利潤將超過 10 億英鎊。

Castlelake must now decide whether to make a formal, final offer by the June 26 deadline or stop its attempts to buy the company.

Castlelake 現在必須決定是否在 6 月 26 日截止日期前提出正式的最終出價，或者停止收購該公司的嘗試。