Pakistan, June 26 -- EasyJet has rejected a higher £4.93 billion approach from Castlelake but has extended the offer deadline to allow its US suitor more time to come up with a "more attractive proposal".

The low-cost carrier said Castlelake had submitted a fourth approach on Tuesday worth £6.50 a share. EasyJet said: "Having carefully reviewed it with its advisers, the board of easyJet continues to regard the fourth proposal as substantially undervaluing the company and its prospects and continuing to give rise to significant questions of deliverability. "Accordingly, the board of easyJet has unanimously rejected the fourth proposal.

"However, the board believes that giving Castlelake access to limited commercial information,...