Spirit Airlines has rejected yet another takeover offer from Frontier, saying it’s “woefully insufficient financially.”
Spirit Airlines has rejected yet another acquisition bid from Frontier, which would’ve merged the two companies to create the fifth-largest airline in the US, as reported earlier by Reuters. In a filing with the Securities and Exchange Commission, Spirit called Frontier’s deal ”woefully insufficient financially” compared to the $2.9 billion agreement tossed out in 2022.
However, Spirit CEO Ted Christie and board chair Mac Gardner responded by saying the advisors to Spirit’s bondholders “believe your current proposal is so insufficient as not to merit a counter.” After some back and forth between the two companies, Spirit ultimately rejected the offer in favor of its existing restructuring plan that’s expected to pull the beleaguered airline out of bankruptcy.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Frontier Airlines Seeks Second Merger Attempt with Bankrupt Spirit AirlinesFrontier Airlines is attempting to acquire the bankrupt Spirit Airlines, offering newly issued debt and common stock. This comes after a previous failed attempt in 2022 when JetBlue outbid Frontier. The proposed merger faces scrutiny due to the potential impact on airfares and competition within the budget airline industry.
Read more »
Frontier Airlines Proposes Merger with Bankrupt Spirit AirlinesFrontier Airlines has made a new offer to merge with bankrupt Spirit Airlines, aiming to create a larger low-cost carrier and rescue Spirit from financial difficulties. Spirit has already rejected the offer, calling it insufficient compared to previous proposals and shareholder expectations. This proposal follows a failed merger attempt in 2022 when JetBlue entered the picture with a higher bid. However, a federal judge blocked Spirit's merger with JetBlue last year.
Read more »
Frontier Airlines Renews Merger Proposal for Bankrupt Spirit AirlinesFrontier Airlines has presented a renewed merger proposal to Spirit Airlines, which is currently grappling with bankruptcy. Frontier executives argue that their plan is more advantageous than Spirit's projected path to emerge from bankruptcy, emphasizing the urgency of the situation.
Read more »
Frontier Airlines Proposes Merger with Bankrupt Spirit AirlinesFrontier Airlines is attempting to acquire bankrupt budget airline Spirit Airlines for the second time. Frontier claims the merger would create a stronger low-fare airline capable of competing more effectively and entering new markets. Spirit previously rejected a similar offer from Frontier, but the latest proposal includes newly issued Frontier debt and common stock. Spirit is currently working to exit bankruptcy protection and has not yet committed to Frontier's proposal.
Read more »
Frontier Airlines Attempts Second Merger Bid With Bankrupt Spirit AirlinesFrontier Airlines is making another attempt to merge with bankrupt Spirit Airlines. Frontier's proposal, which includes Frontier debt and common stock, aims to block Spirit's existing $3.8 billion deal with JetBlue. Frontier argues that the JetBlue merger would increase prices for Spirit customers who rely on low fares.
Read more »
Frontier Airlines Makes Another Bid for Bankrupt Spirit AirlinesFrontier Airlines is attempting to acquire bankrupt Spirit Airlines for the second time. The airlines both operate in the budget travel market, which has been facing challenges in recent years. Frontier believes this merger will create a stronger airline capable of competing more effectively.
Read more »