Apollo beat Castlelake in a takeover contest involving easyJet by putting forward a higher offer at the last moment. The outcome hinged on price and certainty of execution rather than strategic narrative.
1:20 PMFinancial Times10 stories from 4 sources
Apollo Drives the Day’s Biggest Takeover Battles
Day’s Recap
Supporting Articles
EasyJet has backed a £5.7bn takeover offer from Apollo that tops a competing proposal from Castlelake. The airline said Apollo’s bid delivers a better outcome for shareholders.
10:35 AMFinancial TimesSK Hynix raised $26.5 billion in a US ADR offering, the largest first-time US share sale ever by a foreign company, to help fund AI infrastructure expansion. EasyJet received a new Apollo Global Management bid at 715 pence per share, topping a rival Castlelake proposal and setting up a potential bidding war.
6:27 AMBloomberg MarketsEasyJet is approaching a potential go-private transaction as US buyers show interest in acquiring the airline. The company is portrayed as at an inflection point, with ownership and capital structure under review amid renewed deal attention.
3:47 AMFinancial TimesApollo offered 715 pence per share for EasyJet, surpassing Castlelake’s rival approach and injecting uncertainty into the takeover process. The move raises the prospect of a bidding war between two US investment firms.
2:07 AMBloomberg MarketsOregon has withdrawn its court motion that sought to delay the closing of the $111 billion Paramount-Warner Bros. merger. The deal could now close as soon as July 22 even as multiple states, including Oregon and California, continue investigating potential antitrust issues.
10:33 PMVarietyBayer sold a minority stake in its contraceptives business to Apollo for €3 billion to raise cash. The proceeds will help fund costs tied to Roundup litigation.
2:14 AMBloomberg Markets1:20 PMFinancial Times
‘It’s all about the number’: how Apollo gazumped Castlelake’s easyJet bid
Summary
Apollo beat Castlelake in a takeover contest involving easyJet by putting forward a higher offer at the last moment. The outcome hinged on price and certainty of execution rather than strategic narrative.
Why it matters
Late-stage bidding dynamics can reset valuation expectations across the sector and reward buyers who can close fast.
10:35 AMFinancial Times
Apollo trumps Castlelake with £5.7bn deal to buy easyJet
Summary
EasyJet has backed a £5.7bn takeover offer from Apollo that tops a competing proposal from Castlelake. The airline said Apollo’s bid delivers a better outcome for shareholders.
Why it matters
A board-backed topping bid can trigger a short, high-stakes bidding window that resets valuation and deal terms across the airline sector.
6:27 AMBloomberg Markets
SK Hynix’s US Trading Debut, EasyJet Gets £5.7 Billion Apollo Bid | The Opening Trade 7/10/2026
Summary
SK Hynix raised $26.5 billion in a US ADR offering, the largest first-time US share sale ever by a foreign company, to help fund AI infrastructure expansion. EasyJet received a new Apollo Global Management bid at 715 pence per share, topping a rival Castlelake proposal and setting up a potential bidding war.
Why it matters
A higher bid for EasyJet and a record US ADR raise both point to abundant capital pressing harder on strategic assets and accelerating deal timelines.
3:47 AMFinancial Times
EasyJet: orange upstart that changed flying prepares to go private
Summary
EasyJet is approaching a potential go-private transaction as US buyers show interest in acquiring the airline. The company is portrayed as at an inflection point, with ownership and capital structure under review amid renewed deal attention.
Why it matters
A take-private would test whether private capital can outbid public markets for scaled airlines and could trigger broader consolidation pressure in European aviation.
2:07 AMBloomberg Markets
EasyJet Gets £5.7 Billion Apollo Offer in Possible Bidding War
Summary
Apollo offered 715 pence per share for EasyJet, surpassing Castlelake’s rival approach and injecting uncertainty into the takeover process. The move raises the prospect of a bidding war between two US investment firms.
Why it matters
Competitive tension can lift shareholder payouts, but it can also produce more conditional offers and a higher chance the deal collapses.
10:33 PMVariety
Oregon Attorney General Drops Motion to Delay Paramount-Warner Bros. Merger
Summary
Oregon has withdrawn its court motion that sought to delay the closing of the $111 billion Paramount-Warner Bros. merger. The deal could now close as soon as July 22 even as multiple states, including Oregon and California, continue investigating potential antitrust issues.
Why it matters
Dropping the delay bid accelerates the largest media tie-up toward closing, tightening negotiating leverage across the entertainment supply chain.
2:14 AMBloomberg Markets
Bayer Sells $3.4 Billion Contraceptives Stake to Apollo
Summary
Bayer sold a minority stake in its contraceptives business to Apollo for €3 billion to raise cash. The proceeds will help fund costs tied to Roundup litigation.
Why it matters
When litigation drives asset sales, it changes how the market values the company’s remaining portfolio and its ability to fund legal resolutions without diluting shareholders.
Other Developments
A curated list of other prominent stories from this day.
MGM Resorts is in talks with Barry Diller’s People Inc. after Diller made an offer to buy the portion of MGM he does not already own. The discussions are described as ongoing and stem from Diller’s proposal for a larger stake or full control.
7:02 PMBloomberg MarketsCentury 21 has executed 16 M&A deals so far in 2026 after completing 24 transactions in 2025. The pace represents a roughly 40% increase in deal activity compared with 2022, with the company tying the trend to rising technology needs.
4:21 PMHousing WireDepartment M acquired a significant stake in indie film studio Neon, with financial terms undisclosed. Neon founder Tom Quinn will remain CEO as the company continues operating under existing leadership.
2:30 PMVariety7:02 PMBloomberg Markets
MGM Resorts Engaged in Deal Talks With Diller, WSJ Says
Summary
MGM Resorts is in talks with Barry Diller’s People Inc. after Diller made an offer to buy the portion of MGM he does not already own. The discussions are described as ongoing and stem from Diller’s proposal for a larger stake or full control.
Why it matters
A credible takeout path can reset MGM’s valuation floor and force a strategic outcome for shareholders and casino-sector peers.
4:21 PMHousing Wire
Century 21 COO says M&A activity fueled by growing tech demands
Summary
Century 21 has executed 16 M&A deals so far in 2026 after completing 24 transactions in 2025. The pace represents a roughly 40% increase in deal activity compared with 2022, with the company tying the trend to rising technology needs.
Why it matters
If tech is the catalyst, M&A will reshape brokerage competition around platform strength, not just agent headcount.
2:30 PMVariety
Neon, Oscar-Winning Studio Behind ‘Anora’ and ‘Longlegs,’ Sells Stake to Department M
Summary
Department M acquired a significant stake in indie film studio Neon, with financial terms undisclosed. Neon founder Tom Quinn will remain CEO as the company continues operating under existing leadership.
Why it matters
New capital behind a top indie distributor can reset pricing and deal leverage across the independent film market.
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