EasyJet nears US takeover as Castlelake’s latest £5bn-plus bid wins board support in principle, highlighting plans to back the airline’s fleet modernisation.

The offer of £6.90 per share for Easyjet remains short of the £7 per share offer that some shareholders had been holding out for.

Agreement in principle with Castlelake follows several rejected offers and means UK’s biggest low-cost carrier will be taken private

The agreement marks huge progress for the companies after months of fraught negotiations

Castlelake’s £6.90-a-share bid values EasyJet at more than £5 billion.