EasyJet's flight path from start-up to possible takeover battle

July 10 (Reuters) - EasyJet's decision on Friday to back a £5.7 billion ($7.65 billion) proposal by U.S. investment firm Apollo Global against Castlelake's £5.5 billion bid has opened the doors for a possible takeover battle for the British budget airline.

Here is a look at the carrier's 31-year history:

1995

Founder Stelios Haji-Ioannou launches flights from London Luton Airport to Glasgow and Edinburgh in Scotland, challenging established carriers with low fares.

2000

Lists in London at a £777 million valuation.

2002

Acquires rival Go Fly. Founder Stelios steps down as chairman.

2007

Acquires rival GB Airways.

2008

Tensions begin to surface between Stelios and board over growth strategy.

2009 - 2010

EasyJet considers scaling back fleet growth amid the global economic downturn.

Stelios steps down from board to lead a shareholder revolt against fleet expansion, but loses bid to oust management. He has clashed with easyJet several times since.

Separate two-year dispute over brand name resolved with Stelios.

2011 – 2013

Buys 135 Airbus aircraft, modernising fleet.

2020

COVID-19 forces 4,500 job cuts and shrinking of fleet.

2021

Rejects takeover approach from Wizz Air, raises $1.7 billion from existing shareholders. 

January 2026

Says summer bookings are building strongly, even as it reported a wider first-quarter loss.  

February - March 2026

Iran conflict hurts airlines globally and easyJet warns of higher fares, fuel shortages.

April 16, 2026

EasyJet warns of a bigger first-half loss and says bookings are lagging last year's due to the war.

May 21, 2026

Cautions its full-year outlook remains uncertain.  

May 29, 2026

Minneapolis-based aviation investor Castlelake discloses it is considering an offer for easyJet. 

June 1, 2026

EasyJet calls Castlelake's timing "highly opportunistic", noting its share price is temporarily depressed due to the war.

June 12, 2026

Castlelake privately submits takeover proposal at £5.60 per share.

June 16, 2026

EasyJet rejects Castlelake's bid.

June 17, 2026

Castlelake returns with £6.00 a share private bid.

June 20, 2026

EasyJet board rejects Castlelake's second proposal, prompting it to increase private offer to £6.25 a share.

June 21, 2026

EasyJet rejects Castlelake's third proposal, calling it "cheap".

June 22, 2026

Castlelake goes public with its £6.25 a share offer and says the structure would satisfy EU majority ownership rules.

June 23, 2026

Castlelake privately submits fourth offer of £6.50 a share, easyJet later revealed.

June 25, 2026

EasyJet says it has rejected that bid but agrees to share some internal data with Castlelake in hopes of a higher bid. Sets July 5 deadline.

July 5, 2026

EasyJet and Castlelake announce deal in principle at £6.90 a share, valuing the airline at £5.5 billion on a fully diluted basis.

July 10, 2026

EasyJet agrees in principle to a £5.7 billion proposal from Apollo Global Management, withdrawing support for Castlelake's bid and sending shares up as much as 15%.

Stelios declines to comment on Apollo bid, as he did with Castlelake's approaches.

($1 = £0.7490)

(Reporting by Neeshita Beura, Nithyashree R B and Prerna Bedi in Bengaluru, additional reporting by Bipasha Dey; Editing by Rashmi Aich and Cynthia Osterman)