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Castlelake pulls out of easyJet bid war

Castlelake announced on Thursday that it was no longer interested in acquiring easyJet. This ended its months-long attempt to buy out one of Europe's largest budget airlines, weeks after Apollo Global made a higher bid.

The Minneapolis-based company, which is also a major investor in aviation, didn't specify the reason it "bowed out" of the race but stated that it was very appreciative for the constructive engagement it had with easyJet Board members and management.

Castlelake's decision ends an investment pursuit in which the firm made five bids for easyJet. Among them was a PS6.90 share offer that was made public on July 5. This valued the airline at PS5.5billion ($7.41billion).

EasyJet's shares fell?4.8%.

(source: Reuters)