Spirit Airlines To Review JetBlue's Tender Offer

(RTTNews) - Responding to a hostile takeover bid from JetBlue Airways (JBLU), Spirit Airlines Inc. (SAVE) said Monday that it will carefully review JetBlue's tender offer to determine the course of action that it believes is in the best interests of Spirit and its stockholders.

Spirit urged its stockholders not to take any action with respect to the JetBlue tender offer at this time pending the Board's evaluation of the offer.

Spirit plans to advise its stockholders of the Board's formal position regarding the JetBlue tender offer within ten business days.

Spirit confirmed that JetBlue has commenced an unsolicited tender offer to acquire all outstanding shares of Spirit's common stock for $30 per share in cash and a proxy solicitation opposing Spirit's merger agreement with Frontier Group Holdings, Inc. (ULCC), parent company of Frontier Airlines, Inc.

Earlier on Monday, JetBlue announced that it filed a "Vote No" proxy statement urging Spirit shareholders to vote against the Spirit/Frontier deal at Spirit's upcoming special meeting. JetBlue commenced an all-cash, fully financed tender offer for Spirit.

On May 2, Spirit said it determined that the unsolicited proposals received from JetBlue in March and April 2022 did not constitute a 'Superior Proposal' as defined in Spirit's merger agreement with Frontier, because it determined that the proposed transaction was not reasonably capable of being consummated.