The budget airline easyJet has swung behind a £5.7 billion (€6.6bn) takeover proposal from the US private equity giant Apollo, abandoning its support for a rival American bidder days after agreeing to that offer.

Apollo has agreed to buy budget airline Easyjet, in a shock bid that usurped a flurry of offers from alternatives asset manager Castlelake

A bidding war has broken out for budget carrier easyJet after Apollo and Castlelake have both submitted takeover offers.

US private equity firm Apollo has made a higher offer for EasyJet. This new bid surpasses Castlelake's previous proposal for the British airline. EasyJet's board now favors…

The airline said it had reached an agreement in principle for an offer worth £7.15 per share