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Spirit rejects JetBlue bid, backs Frontier merger
Spirit Airlines’ board of directors are supporting the merger proposal with Frontier after rejecting an improved buyout offer from JetBlue.
Spirit’s board said it is ‘unanimously determined’ the JetBlue’s proposal has little chance of success.
“There is a low probability of receiving antitrust clearance so long as JetBlue’s Northeast Alliance (NEA) with American Airlines remains in existence,” Spirit wrote in a letter to JetBlue.
There is an ‘unacceptable level of closing risk that would be assumed by Spirit stockholders,’ the no-frills carrier said.
JetBlue had acknowledged there would be intense anti-trust scrutiny and had ‘added financial protections for Spirit and their shareholders.’
Spirit’s is encouraging shareholders to accept the Frontier deal as the ‘best opportunity to maximize value.’
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