Spirit Airlines to advance with acquisition by Frontier Airlines, rejects JetBlue proposal

Spirit Airlines announced (02-May-2022) its board of directors unanimously determined JetBlue Airways' proposal to acquire the airline for USD3.6 billion "does not constitute a 'Superior Proposal'" in comparison to Frontier Airlines' planned merger with Spirit. The board found JetBlue's proposal is "not reasonably capable of being consummated" due to antitrust concerns, adding the proposal involves an "unacceptable level" of closing risk that would impact Spirit stockholders. Spirit Airlines noted that as long as JetBlue's Northeast Alliance with American Airlines remains in existence, the proposed JetBlue/Spirit combination has a "low probability" of receiving antitrust clearance. Spirit's board maintains the pending transaction with Frontier represents "the best opportunity to maximise value". Spirit Airlines will continue to work towards finalising the transaction with Frontier, expected to close in 2H2022, subject to regulatory approval. [more - original PR] [more - original PR - II]