July 10 (UPI) — British airline EasyJet said on Friday it is considering a takeover bid worth $7.7 billion from an U.S. investment firm.

The bid from Apollo Global Management comes days after the low-cost carrier, one of Europe’s largest, had said it entered a takeover agreement with investment firm Castlelake.

But Apollo is offering $9.6 per share, valuing the company at nearly $7.7 billion, compared to Castlelake’s $9.2.

In a statement, EasyJet leadership said Apollo’s bid “offers an attractive combination of value, strategic alignment and long-term stewardship of the business.”

“Accordingly, the EasyJet board is no longer minded to recommend the Castlelake proposal,” the statement added.

Apollo has until Aug. 7 to make a final proposal, while Castlelake has until Aug. 3.

“While the carrier has been buffeted recently by higher fuel costs and geopolitical turbulence, it has built a resilient European network, a strong balance sheet and, crucially, a fast-growing holidays business,” Susannah Streeter, chief investment strategist at Wealth Club, told the BBC.

“That’s likely to be one of Apollo’s biggest attractions,” Streeter added. “Package holidays generate higher margins and more predictable revenues than airline tickets alone.”