Spirit to Engage With JetBlue Over $3.6 Billion Offer. It Doesn't Mean the Frontier Deal Is Over | FRNT Message Board Posts


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Msg  13 of 13  at  4/8/2022 7:21:12 PM  by

jerrykrause


Spirit to Engage With JetBlue Over $3.6 Billion Offer. It Doesn't Mean the Frontier Deal Is Over Yet.

 

Spirit to Engage With JetBlue Over $3.6 Billion Offer. It Doesn't Mean the Frontier Deal Is Over Yet.

 
 

Spirit Airlines said late Thursday it would engage in discussions with JetBlue Airways over its $3.6 billion cash offer for the ultra-low-cost airline.

Spirit (ticker: SAVE) said JetBlue's (JBLU) unsolicited $33 a share all-cash offer could "reasonably be likely" to lead to a superior proposal to rival Frontier's cash-and-stock offer agreed to in February.

Spirit and Frontier (ULCC) agreed to merge in a deal valuing Spirit at $2.9 billion and creating the fifth-largest U.S. airline. The potential deal piqued the interest of JetBlue, which said Wednesday its own tie-up with Spirit would position the combined company as "the most compelling national low-fare challenger" to the four dominant U.S. carriers — Delta (DAL), American (AAL), United (UAL) and Southwest (LUV).

Spirit's intentions to engage with JetBlue don't necessarily mean the carrier has made its decision. The board's recommendation that shareholders adopt the Frontier merger agreement has not changed, the company said.

"Spirit remains bound by the terms of the agreement with Frontier, and Spirit's board has not determined that JetBlue's proposal in fact constitutes a superior proposal as defined in the merger agreement with Frontier," the company said in a statement.



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