The takeover contest for easyJet is intensifying as key deadlines approach for competing bidders to make formal offers. The British airline initially agreed to a £5.5 billion takeover bid from US private equity firm Castlelake last month, after having dismissed four earlier proposals from the group as “highly opportunistic” attempts to acquire the company at a reduced price.

However, Castlelake’s position was soon challenged when rival firm Apollo Global Management submitted a higher offer of £5.7 billion. This bid was promptly accepted by easyJet’s board, setting the stage for a final showdown between the two investors. Castlelake has until 5 p.m. on Wednesday to formalize its bid or withdraw from the process, while Apollo’s deadline to do the same is set for 5 p.m. on Friday.

Should Apollo’s offer prevail, it would further expand the asset manager’s portfolio in the airline industry. Apollo already part-owns Atlas Air and, through its private credit division, provided a $745 million loan to Virgin Atlantic last year, secured against valuable take-off and landing slots at London’s Heathrow Airport.

The potential acquisition of easyJet marks the latest in a series of significant foreign takeovers affecting the London stock market. This trend continues to draw attention as various US-based investment firms pursue major UK assets. Last week, the board of FTSE 100 firm DCC Energy endorsed a £5.8 billion bid from US private equity companies KKR and Energy Capital Partners. Similarly, Segro, a prominent warehouse and data center operator, recommended a £14 billion offer from San Francisco real estate major Prologis.

These transactions underscore ongoing foreign investor interest in British companies, particularly amid a dynamic market environment marked by rapid consolidation and strategic acquisitions. The outcome of the easyJet takeover battle is expected to have notable implications for both the airline industry and the broader UK equities market.