In a plot twist that would make a reality TV producer blush, budget airline EasyJet has agreed in principle to a £5.7bn takeover bid from US firm Apollo Management - just days after saying 'yes' to a rival suitor. The Luton-based carrier, known for making you pay extra for a bag of peanuts, now says Apollo's offer of £7.15 per share is 'a superior outcome' compared to Castlelake's £6.90 per share bid, which it is now 'no longer minded' to accept. Because nothing says commitment like keeping your options open.

EasyJet, one of Europe's largest airlines with over 19,000 employees and 1,200 routes across 35 countries, hasn't signed on the dotted line yet. Apollo has until 17:00 on 7 August to make a firm bid or walk away, while Castlelake's deadline is 3 August. The drama began when Castlelake made a series of offers that EasyJet initially rebuffed, accusing the US firm of trying to buy it 'on the cheap.' But on Sunday, EasyJet surprisingly agreed to a £5.2bn deal with Castlelake, which involved partnering with two EU nationals to satisfy EU ownership rules. Now, with Apollo in the picture, EasyJet seems to be playing the field.

Apollo's offer represents an 81% premium over EasyJet's share price of £3.94 on 28 May, before takeover interest became public. EasyJet had previously called Castlelake's bids 'highly opportunistic,' blaming its depressed share price on the Iran war's impact on travel. Apparently, a higher bid changes everything. Stay tuned for the next episode of 'As the Airline Turns.'