EasyJet rejects bid approach as it seeks to raise more money

By PAN PYLAS
Associated Press

LONDON (AP) — British airline easyJet said it has rejected an unsolicited takeover approach as it announced plans to raise another 1.2 billion pounds ($1.7 billion) from shareholders to shore up its recovery from the coronavirus pandemic. In a statement Thursday, the company said its board had “unanimously” rejected the offer from an unnamed company. The bid is widely thought to have come from rival Hungarian airline Wizz Air. Wizz Air declined to comment on the speculation. According to Easyjet’s board, the offer “fundamentally undervalued” easyJet. The airline expects capacity in the first quarter of 2022 to be running at 60% of the levels seen in the equivalent period of 2019.