JetBlue Enhances Its Proposal For Spirit - Quick Facts

(RTTNews) - JetBlue (JBLU), on Monday, enhanced its proposal to the Board of Spirit (SAVE) to acquire all of the outstanding common stock of Spirit for $33 cash per share. JetBlue noted that, if necessary, it would agree to divest assets of JetBlue and Spirit up to a material adverse effect on Spirit, with a limited carve-out for actions that would adversely impact JetBlue's Northeast Alliance with American Airlines. JetBlue would offer also a remedy package that includes the divestiture of all Spirit assets in New York and Boston. JetBlue noted that it would provide for a $200 million reverse break-up fee if the transaction is not consummated for antitrust reasons. JetBlue's proposal continues to offer Spirit shareholders $33 in cash per common share.

Earlier, Spirit Airlines, Inc. (SAVE) said its Board has unanimously determined that JetBlue's proposal dated April 29, 2022 does not constitute a superior proposal under existing merger deal with Frontier.