EasyJet agrees to Apollo's $7.7B bid, sidelining Castlelake offer

British budget airline EasyJet says it has reached an agreement in principle on Apollo's £5.7 billion ($7.7 billion) takeover offer, above Castlelake's rival proposal.

1. Frame 1EasyJet says Apollo's $7.7B deal beats Castlelake's weekend proposal, putting shareholder money behind a higher bid.
2. Frame 2Apollo offers £7.15 a share, above Castlelake's £6.90, putting two U.S. investors over the same airline.
3. Frame 3The board says Apollo delivers a superior outcome and is no longer minded to recommend Castlelake.
4. Frame 4The airline employs more than 19,000 people and operates across 35 European countries.
5. Frame 5EasyJet shares rose 13.2% Friday after Apollo put a richer bid before owners.
6. Frame 6Apollo has until Aug. 7 under U.K. rules to make a firm offer or walk away.