TELETRADER News
6/6, 4:50 PM (Source: TeleTrader)
more TeleTrader news

Spirit to evaluate JetBlue's proposal

Spirit Airlines Inc.'s Board of Directors announced on Monday that it will "evaluate JetBlue's proposal and pursue the course of action it determines to be in the best interests of Spirit and its stockholders."

The Board will perform this evaluation in compliance with the terms of the company's merger settlement agreement with Frontier and will respond in due course, said the statement.

Previously, JetBlue announced the submission of an enhanced proposal whereby the company commits to give a $350 million reverse breakup fee and to pay in advance $1.50 per share in cash (around $164 million) of that fee. After the announcement, at 10:34 am ET, the shares of Spirit Airlines Inc were up 6.08% to sell for $22.03.

Baha Breaking News (BBN) / JG