New Delhi, July 10 -- LONDON - EasyJet's board of directors abandoned its endorsement of Castlelake on Friday, throwing its weight behind a competing £5.7 billion proposal from Apollo Global Management that values the airline at £7.15 per share - an 81 percent premium over EasyJet's closing price of £3.94 on May 28, the day before Castlelake's interest first became public.

The reversal came just eight days after the board accepted Castlelake's offer of £6.90 per share on July 6. Apollo's revised proposal carries a deadline of August 7, giving shareholders roughly four weeks to decide. Castlelake has until August 3 to either table a higher bid or walk away from the contest entirely.

EasyJet shares (EZJ) climbed roughl...