Over 2 Years Ago
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JetBlue Pursuing Spirit Acquisition, Augments Bid
- Frontier Air also has an offer on the table for Spirit
- Either deal would make the combined entity the fifth largest US Airline
- JetBlue indicated a willingness to divest assets in order to win regulatory approval
JetBlue (JBLU) on Monday increased its offer to $33.50 in cash per Spirit share. Previously, it had offered $31.50 per share.
Acquirer: JetBlue (JBLU)
Target: Spirit (SAVE)
Status: Proposed
Bid: $33.50 on Jun 20, 2022
Previous Bid: $31.5 on Jun 6, 2022
Additional Bidder: Frontier (ULCC)
Bid: $29.40 on Feb 5, 2022
JetBlue has been trying to buy Spirit for the last few months. JetBlue's latest offer is for $33.50 per share, which includes a $1.50 per share dividend that would be paid upfront. Spirit's board is evaluating the offer and JetBlue is confident that the deal will go through after completing its due diligence review and holding discussions with Spirit’s management. Frontier's offer of stock and cash was valued at $2.9 billion when it was announced, but that had declined along with the price of Frontier’s shares. If Spirit doesn't agree that JetBlue has put forward the superior offer, JetBlue will continue the campaign to persuade shareholders to vote against the Frontier deal.
JetBlue has been trying to buy Spirit for the last few months. JetBlue's latest offer is for $33.50 per share, which includes a $1.50 per share dividend that would be paid upfront. Spirit's board is evaluating the offer and JetBlue is confident that the deal will go through after completing its due diligence review and holding discussions with Spirit’s management. Frontier's offer of stock and cash was valued at $2.9 billion when it was announced, but that had declined along with the price of Frontier’s shares. If Spirit doesn't agree that JetBlue has put forward the superior offer, JetBlue will continue the campaign to persuade shareholders to vote against the Frontier deal.
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