5/2/2022, 1:57 PM (Source: TeleTrader)
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JetBlue submits enhanced offer to acquire Spirit Airlines

JetBlue Airways officially announced on Monday in a statement that "it has enhanced its proposal to the Board of Directors of Spirit [Airlines] to acquire all of the outstanding common stock of Spirit for $33 cash per share."

The company's "proposal continues to offer Spirit shareholders $33 in cash per common share, a 47% premium to the value of the Frontier transaction as of April 29, 2022 and a 52% premium to Spirit’s share price as of February 4, 2022," the statement read.

"Spirit shareholders would be better off with the certainty of our substantial cash premium, regulatory commitments, and reverse break-up fee protection," noted JetBlue CEO Robin Hayes adding that "the Frontier transaction has a similar regulatory profile to ours but offers no divestiture commitment and no reverse break-up fee, while the uncertain value of Frontier’s stock exposes Spirit shareholders to significant risk."

Baha Breaking News (BBN) / AY