EasyJet shares jump almost 10% after it agrees £5.5bn takeover bid

Airline's board to recommend offer of 6.90 a share in deal analysts say shows UK firms are being bought on the cheap

Shares in easyJet surged nearly 10% after the airline agreed to a 5.5bn takeover at the fifth attempt, but analysts said that it showed UK firms were being bought on the cheap.

The low-cost carrier's board will recommend shareholders accept an offer price of 6.90 a share from Castlelake, a US private equity firm, after rejecting four previous bids of as little as 5.60 per share. EasyJet shares closed at 610p on Monday.