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Frontier Airlines again sweetens bid for Spirit merger
Frontier Airlines again sweetened its bid for Spirit Airlines, just ahead of a crucial shareholder vote.
Frontier upped the breakup fee to match rival JetBlue at $350 million and offered an extra $2 cash per share to its previous offer.
It rises to $4.13 per share.
Despite improved terms from JetBlue, the Spirit Airlines still recommends shareholders vote to accept the Frontier offer.
JetBlue said its offers still remains more attractive than Frontier’s at a higher value with ’more certainty, and more regulatory protections.’
The battle for Spirit has heated up in recent weeks, with tit-for-tat improved offers
That led to Spirit Airlines delaying the shareholder vote to June 30.
Spirit still remains sceptical regulators would approve a deal by JetBlue.
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