EasyJet bidding war as budget airline agrees to rival £5.7bn takeover bid

• EasyJet has agreed in principle to a £5.7 billion takeover offer from US private equity firm Apollo, valuing its shares at £7.15 each.
• This new agreement supersedes a previous offer from rival US investment firm Castlelake, which had valued EasyJet at £5.23 billion (£6.90 per share).
• EasyJet's board recommended Apollo's bid, stating it delivers a 'superior outcome' for shareholders due to its higher cash value.
• The low-cost carrier has become the subject of a bidding war between the two investment firms, potentially leading to its delisting from the London Stock Exchange and foreign ownership.
• Apollo, which has until August 7 to make a formal offer, has a significant portfolio of UK businesses, including parcel delivery company Evri and Wagamama owner The Restaurant Group.

IN FULL

EasyJet shares soar by 13% after it accepts takeover bid from US firm