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EasyJet rejects bid and seeks to raise more money

  • Sun Online Desk
  • 9th September, 2021 06:09:22 PM
  • Print news
EasyJet rejects bid and seeks to raise more money

 

EasyJet has rejected a takeover approach and announced plans to raise £1.2bn from shareholders to help its recovery from the pandemic.

The airline said the unsolicited bid undervalued the company and the unnamed suitor was now no longer interested.

Bloomberg reported that the bidder was rival Wizz Air, although it declined to comment, reports BBC.

EasyJet's boss said the fundraising would allow the firm "to accelerate our post‐Covid‐19 recovery plan" instead.

The carrier has already raised emergency funds during the crisis, having been affected by Covid-related travel restrictions.

EasyJet also plans to raise $400m (£290m) in debt.