Spirit Airlines will review JetBlue’s revised proposal
(RTTNews) – Spirit Airlines Inc. (SAVE) has confirmed receipt of a revised proposal from JetBlue Airways (JBLU) to acquire all outstanding shares of Spirit common stock.
Spirit said its board of directors would evaluate JetBlue’s revised proposal in accordance with the terms of the company’s merger agreement with Frontier Group Holdings Inc. (ULCC) and provide an update to shareholders before the extraordinary meeting of shareholders of Spirit scheduled for Thursday, June 30, 2022.
Spirit has informed its shareholders that they do not need to take action at this time.
Spirit said it is continuing discussions with JetBlue and continuing to work with Frontier under the terms of the existing merger agreement between Spirit and Frontier. As part of this process, Frontier and JetBlue were given access to the same detailed due diligence information, on the same terms. Spirit continues to be bound by the terms of its merger agreement with Frontier, under which a “superior proposal” is defined as being both reasonably likely to be consummated and more favorable to Spirit stockholders by a point of financial view.
Earlier in the day, JetBlue said it submitted a significantly higher $33.50 per share proposal to Spirit’s board of directors to acquire all of Spirit’s outstanding common stock. The price increase represented a $2.00 per share or 6.3% improvement over JetBlue’s June 6 proposal, and a 67.6% premium to the implied value of the Frontier transaction at June 17, 2022.
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