easyJet has rejected a fourth takeover proposal from investment firm Castlelake but this time hinted that a deal could still be possible if a higher offer emerges.

The airline continues to spur the advances of Castlelake, but crucially has toned its language to suggest that a deal may be on the table at the right price.

The FTSE 250 company turned down Castlelake’s latest indicative proposal of £6.50 per share in cash, alongside an alternative option for shareholders involving unlisted, non-transferable and non-voting shares in a Castlelake-controlled vehicle.

The proposed ownership structure would have been split between Castlelake and co-investors including Brookfield Asset Management, with majority ownership held by EU nationals.

Despite unanimously rejecting the approach on the grounds that it materially undervalues the business and raises concerns over execution - a message its board has been proclaiming from the beginning - easyJet softened its stance by agreeing to provide limited commercial information to support further due diligence, which could lead to a more attractive proposal that better reflects the company’s value and future prospects.

"The Board believes that giving Castlelake access to limited commercial information, as Castlelake sought in the letter which contained the Fourth Proposal, might produce a more attractive proposal that better reflects the value of easyJet and its prospects and the interests of shareholders thereto," easyJet said today. It added: "The Board has informed Castlelake that it would expect satisfactory assurances and commitments in these regards."

easyJet, whose full‑year 2025 revenue was £10.1bn, has also secured a nine-day extension to the takeover panel’s put-up-or-shut-up deadline, now giving Castlelake until 5pm on 5 July to either make a firm offer or walk away.

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