EasyJet agrees in principle to rival £5.7bn takeover bid from US company

No-frills airline EasyJet says it has agreed in principle to a £5.7bn takeover proposal from US firm Apollo Management.

The bid trumps a previous bid from US investment firm Castlelake that EasyJet had also agreed to in principle at the weekend.

EasyJet said that under the Apollo proposal, shareholders would receive £7.15 per share, compared to £6.90 under the Castlelake offer.

The airline said Apollo’s offer delivered “a superior outcome” for its shareholders and as a result it was “no longer minded” to recommend the Castlelake bid.