The Hungarian budget flight company Wizz Air has offered its British competitor EasyJet to acquire it. However, the company refused their offer. This is stated by acquaintances, quoted by Bloomberg.
According to them, the Hungarian leader is looking for opportunities to take advantage of the market recovery after the pandemic.
The initial offer was conditional, providing for the transaction to be carried out entirely through the purchase of shares. The offer price was a small premium over the value of the securities. This was confirmed by EasyJet, without specifying from which company the offer was made.
The British airline added that the proposal was unanimously rejected by the board of directors and was then withdrawn.
Shares of EasyJet lost 14% of their value after the company decided to raise $ 2 billion instead of a deal by selling shares and taking on debt.
Representatives of both companies declined to give additional details about the value of the offer.
Both airlines travel from Bulgaria. The Hungarian WizzAir has a base in Bulgaria, offering flights from Sofia, Varna and Bourgas, and recently announced that it will launch flights from Plovdiv as well. EasyJet operates mainly at Sofia Airport, but also has trips to and from Varna.