British budget airline EasyJet said Friday it reached an agreement in principle for takeover by US private equity firm Apollo, topping a rival offer from Castlelake.
Apollo's offer of £7.15 per share values the company at around £5.7 billion ($7.7 billion), beating Castlelake's bid of £6.90 per share.
Given the higher offer, "the easyJet Board is no longer minded to recommend the Castlelake Proposal," the airline said in a statement.
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