EasyJet aircrafts are pictured at Faro airport in Algarve, south of Portugal, on June 15, 2021. (Photo: AFP)

British no-frills airline EasyJet on Thursday revealed it had rejected an unsolicited takeover approach from an unnamed suitor and unveiled plans to boost its finances battered by pandemic fallout.

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