British airline EasyJet on Thursday publicized it had forbidden an unwanted takeover approach from an unknown suitor and revealed plans to boost its finances battered by pandemic effect.

EasyJet said in a statement that the bid had unappreciated the group, adding that the suitor was no longer considering a proposal and that the airline would now sell new shares to increase around £1.2 billion ($1.6 billion, 1.4 billion euros).

EasyJet temporarily added that it had protected a new credit facility totaling $400 million.

The coronavirus crunch and travel limitations have rocked airlines globally.

Chief executive Johan Lundgren stated the financing enhancement would also place EasyJet for development, letting it take benefit of investment chances “as the European aviation industry emerges from the pandemic”.

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