×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: jetblue | spirit | low cost airfare | merger and acquisition

JetBlue Sweetens Offer for Spirit Airlines

JetBlue Sweetens Offer for Spirit Airlines
(AP)

Monday, 06 June 2022 07:51 AM EDT

JetBlue Airways Corp. on Monday improved its offer to buy smaller rival Spirit Airlines Inc , as the battle for the low-cost carrier intensifies.

Under the improved proposal, JetBlue offers Spirit's shareholders $31.50 per share in cash, which is comprised of $30 per share at deal close and the prepayment of $1.50 per share of the reverse break-up fee.

The $1.50 per share will be paid as a cash dividend if Spirit shareholders vote for the JetBlue-Spirit deal.

JetBlue's earlier offer was for $30 per share.

Shares of Spirit Airlines Inc jumped 6.2% to $22 premarket.

JetBlue also raised the reverse break-up fee by $150 million to $350 million, which is payable to Spirit shareholders in case the deal falls through due to regulatory reasons.

The improved proposal comes days after Frontier Group Holdings Inc agreed to pay a break-up fee of $250 million in a bid to salvage its $2.9 billion acquisition of Spirit.

© 2022 Thomson/Reuters. All rights reserved.


StreetTalk
JetBlue Airways Corp. on Monday improved its offer to buy smaller rival Spirit Airlines Inc , as the battle for the low-cost carrier intensifies.
jetblue, spirit, low cost airfare, merger and acquisition
155
2022-51-06
Monday, 06 June 2022 07:51 AM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
Get Newsmax Text Alerts
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved