UK airline EasyJet plans to raise $1.2 billion from a share sale following the airline rejecting a takeover bid

The airline has rejected an unsolicited takeover approach because it undervalues the company.

EasyJet also plans to raise $400 million in debt, providing it a buffer of cash to see it through a tentative return of leisure travel.

The aviation industry has been one of the hardest hit during the COVID pandemic.

EasyJet has raised more than £5.5 billion in liquidity since the start of the pandemic as coronavirus shutdowns brought the global airline industry to its knees.