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JetBlue boosts offer for Spirit Airlines
Saturday, 21 Jun, 2022
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JetBlue is upping the ante in its pursuit of Spirit Airlines.
New York-based carrier increased its offer to $33.50 per share, equivalent to more than $3.6 billion.
Shareholders of Spirit Airlines are set to vote on June 30 on the rival Frontier merger bid.
The Spirit Airlines board has until now supported the Frontier bid.
The Frontier deal was originally valued at around $2.9 billion.
Spirit said it is reviewing JetBlue‘s latest improved offer.
JetBlue says its bid offers a 68% premium to the current value of the Frontier transaction.
Spirit’s board had opposed a deal with JetBlue citing antitrust hurdles.
However, JetBlue says it has now offered a stronger divestiture commitment it believes will be enough to satisfy regulatory concerns.
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