Spirit Airlines rejects JetBlue offer, backs merger with Frontier Group
Spirit Airlines Inc on Tuesday rejected JetBlue Airways Corp’s sweetened takeover offer and recommended that shareholders vote in favour of a merger with Frontier Group Holdings Inc at a meeting on Thursday.
JetBlue had on Monday included a ticking fee of 10 cents per Spirit share in its offer, raising the deal value to $34.15 per share, representing a 51% premium to Spirit’s Monday closing price.
“The latest offer from JetBlue does nothing to address our Board’s serious concerns that a combination with them would not receive regulatory approval,” Spirit Chief Executive Ted Christie said in a statement.
