Low-cost UK carrier EasyJet spurns bid from rival Wizz, aims to raise $2 bn

EasyJet Plc rejected a takeover approach from Wizz Air Holdings Plc, according to people familiar with the plan, as its Hungarian discount rival sought to take advantage of a recovery in the short-haul aviation industry.

The preliminary offer was conditional, all-stock and had a low premium, EasyJet said Thursday in a statement without identifying the bidder. It was rejected unanimously by the board and has been withdrawn, the U.K. airline said.

Shares of EasyJet fell as much as 14%, as the company said it will instead raise $2 billion in stock and debt. The money will provide a buffer for EasyJet to