“Easyjet agrees £5.7bn takeover by private equity giant Apollo”

What actually happened

Easyjet's board accepted a £5.7 billion takeover offer from Apollo Global Management at £7.15 per share, ending a months-long bidding contest after rival suitor Castlelake declined to submit a final counter-offer by its Friday 5pm deadline. Castlelake had earlier tabled a £5.5 billion bid the board was "minded to recommend" before Apollo's higher offer was deemed a "superior outcome."

Key facts

• Apollo's accepted offer: £5.7 billion, £7.15 per share, confirmed the same day by Bloomberg as "$7.7 billion" in dollar terms.
• Castlelake's prior offer: £5.5 billion, tabled in early July and initially favoured by the board before Apollo topped it.
• Easyjet shares up roughly 30% since Castlelake's first offer, plus a further 3% on the Apollo announcement.
• Easyjet quarterly profit fell 70% to £85 million in the three months to June, cited by the Mail as the backdrop that made the airline a takeover target.
• Founder Sir Stelios Haji-Ioannou said he intends to remain a long-term major shareholder.

What to watch for

Watch for EU scrutiny of the deal given reported plans to tighten foreign-ownership rules affecting easyJet's Austrian subsidiary, which the Mail flags but does not resolve. Also watch whether Castlelake's exit statement ("careful consideration") is followed by any claim of a higher rejected bid, and whether the 70% profit drop gets revised in easyJet's next results.