Market Updates
JetBlue Sweetens Spirit Offer
Scott Peters
06 Jun, 2022
New York City
JetBlue sweetened its offer to acquire Spirit Airlines and convince shareholders to walk away from the merger with Frontier Group.
JetBlue in a regulatory filing said it will offer to pay a breakup fee of $350 million in the event the airline fails to win antitrust regulatory approval.
The airline also proposed to pre-pay a portion of the fee as a cash dividend of $1.50 a share in advance of the completion of the deal, if shareholders agree to vote in favor of a merger with JetBlue.
With the new revised terms, the proposed merger offer will be $30 and $1.50 in dividend totaling $31.50 a share in cash.
Previously Spirit board had rejected the JetBlue offer on the grounds that the deal may face regulatory approval headwinds.
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