No-frills airline EasyJet has agreed to be taken over in a £5.7bn deal by US firm Apollo after a rival bidder dropped out. The takeover was agreed after US investment firm Castlelake, which had made a series of offers for the carrier, said it was withdrawing from the bid battle. Castlelake made a number of approaches for EasyJet, which were rebuffed initially after the carrier accused the US firm of trying to buy it "on the cheap". Under the offer from Apollo, EasyJet shareholders will receive £7.15 per share. Apollo said it was "highly supportive" of the airline's existing strategy, adding there was "a significant opportunity to accelerate the operational and commercial ambitions" for the EasyJet Group.