Spirit Airlines To Review Revised Proposal From JetBlue

(RTTNews) - Spirit Airlines Inc. (SAVE) confirmed receipt of a revised proposal from JetBlue Airways (JBLU) to acquire all of the outstanding shares of Spirit's common stock.

Spirit said its board will conduct the evaluation of JetBlue's revised proposal in accordance with the terms of the company's merger agreement with Frontier Group Holdings Inc. (ULCC) and provide an update to stockholders ahead of the Special Meeting of Spirit Stockholders scheduled for Thursday, June 30, 2022.

Spirit advised its stockholders that they do not need to take any action at this time.

Spirit noted that it is continuing to engage in discussions with JetBlue and is continuing to work with Frontier under the terms of the existing merger agreement between Spirit and Frontier. As part of this process, Frontier and JetBlue have been given access to the same extensive due diligence information, on the same terms. Spirit continues to be bound by the terms of its merger agreement with Frontier, under which a "Superior Proposal" is defined as being both reasonably capable of being consummated and more favorable to Spirit's stockholders from a financial point of view.

Earlier today, JetBlue said that it submitted a decisively superior proposal of $33.50 per share to the Board of Directors of Spirit to acquire all of the outstanding common stock of Spirit. The increased price represented an improvement of $2.00 per share or 6.3% compared to JetBlue's June 6 proposal, and a 67.6% premium to the implied value of the Frontier transaction as of June 17, 2022.