A Spirit Airlines aircraft on the tarmac on the Fort Lauderdale-Hollywood International Airport on February 07, 2022 in Fort Lauderdale, Florida.
Joe Raedle | Getty Images
Spirit Airlines mentioned Tuesday its board will resolve on competing affords from JetBlue Airways and Frontier Airlines earlier than a shareholder assembly on the finish of the month because the battle for the low cost service heats up.
“The Board expects to bring the process to a conclusion and provide an update to stockholders” forward of its June 30 assembly, Spirit CEO Ted Christie mentioned in a press release.
Spirit postponed a gathering the place shareholders would vote on the prevailing Frontier deal from June 10 till June 30 to overview the bids.
Shares of JetBlue have been down greater than 1% and Spirit rose barely in morning buying and selling after Spirit’s assertion, whereas Frontier fell over 1%.
JetBlue made a sweetened supply to purchase Spirit on June 6, elevating a reverse break-up payment to $350 million ought to regulators not approve the acquisition. Spirit has had a merger settlement with fellow ultra-low-cost airline Frontier since February and continues to be sure by the phrases of that cash-and-stock deal, it mentioned.
Frontier provided a $250 million reverse break-up payment. JetBlue’s included prepaying $1.50 a share from the break-up payment to shareholders to lift its supply from $30 a share to $31.50 in money.
“As part of this process, Frontier and JetBlue are being given access to the same due diligence information, on the same terms,” Christie mentioned.
JetBlue beforehand accused Spirit of not granting equal entry to its data after Spirit repeatedly rebuffed JetBlue’s buyout affords.
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