JetBlue Submits Improved Proposal To Acquire Spirit - Quick Facts

(RTTNews) - JetBlue (JBLU) has submitted an improved proposal to the Board of Spirit (SAVE) to acquire all of the outstanding common stock of Spirit. The proposal offers Spirit stockholders aggregate consideration of $31.50 per share in cash, comprised of $30 per share in cash at the closing of the transaction and the prepayment of $1.50 per share of the reverse break-up fee.

JetBlue noted that the improved proposal offers Spirit stockholders: an enhanced reverse break-up fee of $350 million, or $3.20 per Spirit share, payable to Spirit in the unlikely event the transaction is not consummated for antitrust reasons, representing: an increase of $150 million, or $1.37 per Spirit share, to the reverse break-up fee JetBlue previously offered to pay. JetBlue would prepay $1.50 per share in cash of the reverse break-up fee, structured as a cash dividend to Spirit stockholders promptly following the Spirit stockholder vote approving the combination between Spirit and JetBlue.