Spirit Airlines’ board still supports Frontier Airlines’ $2.9 billion takeover bid for the airline, saying it determined JetBlue’s competing $3.6 billion offer isn’t a superior proposal.
A Frontier Airlines aircraft flying over Gloster City, N.J., approaches Philadelphia International Airport, Oct. 22, 2021. Spirit Airlines' board still supports Frontier Airlines' $2.9 billion takeover bid for the airline, saying it determined JetBlue's competing $3.6 billion offer isn't a superior proposal.
The development was a reversal from last month, when Spirit said that after speaking with financial and legal advisers, its directors believed JetBlue’s offer could “reasonably” turn out to be the better ofSpirit said its board unanimously continues to back the bid made by Frontier in February and views it as the best way to maximize value. The airline anticipates a deal with Frontier closing in the second half of the year.
JetBlue on Monday repeated the argument that its offer is better for Spirit shareholders: It would pay them $33 per share in cash compared with Frontier's cash-and-stock offer worth $22.42 per share, and JetBlue's offer was sweetened to include a $200 million break-up fee if the deal falters.
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