Frontier Airlines has sweetened its offer to combine with fellow budget carrier Spirit, less than a week before Spirit shareholders are set to vote on the deal.
"We will more thoroughly review and assess the revised terms of the Frontier-Spirit merger agreement, and we intend to continue our 'vote no' campaign against the inferior Frontier transaction at the special meeting," JetBlue said in a statement Friday.
The new offer, which was announced late Friday, also increases a proposed reverse break-up fee by $100 million to $350 million, in the event the deal doesn't get approved by regulators. That matches the reverse break-up fee JetBlue has offered. Frontier's new offer includes a pre-payable amount of $2.22 to Spirit shareholders.
Christie said the board still had regulatory concerns about JetBlue's Northeast Alliance with American Airlines, which allows the carriers to coordinate on flights and book passengers on each other's planes. The Department of Justice last year sued to undo that partnership.
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