JetBlue Airways offered Spirit Airlines a new sweetener as the battle for the low-cost carrier intensifies with rival Frontier Group Holdings.
JetBlue’s revised terms give Spirit shareholders $31.50 per share in cash, with $30 when the deal closes and prepayment of $1.50 from an enhanced reverse break-up fee.
That improves its earlier offer by $150 million.
It comes on the back of an improved offer from Frontier Group Holdings to include a $250 million break-up fee.
The latest offer comes just ahead of a June 10 shareholder vote on the competing offers.
The Spirit board had rejected JetBlue’s offer, saying there a much lower chance of receiving approval from regulators.
Frontier last week agreed to add a $250 million break-up fee.
Spirit will review the offer and ‘pursue the course of action it determines to be in the best interests of Spirit and its stockholders.’
