Frontier Airlines adds cash to sweeten offer for Spirit merger

FORT LAUDERDALE, FLORIDA - MAY 16: A Frontier Airlines plane near a Spirit Airlines plane at the Fort Lauderdale-Hollywood International Airport on May 16, 2022 in Fort Lauderdale, Florida. JetBlue announced it is taking a hostile position in its effFrontier Airlines on Friday added more cash and a larger breakup fee to its offer to buy Spirit Airlines, and the Spirit board repeated its preference for Frontier over a rival bid by JetBlue Airways.

The Denver-based airline also raised the amount it would pay Miramar, Florida-based Spirit if antitrust regulators stop the deal — from $250 million to $350 million — matching JetBlue's proposed breakup fee. Frontier's move was the latest gambit in a fight between Frontier and JetBlue to see who gets the nation's largest discount airline. On Monday, New York-based JetBlueAt current value, JetBlue's proposal is worth more. JetBlue proposes to buy all Spirit shares and reconfigure the budget airline's planes into JetBlue's less-cramped layout.

Spirit's board has cited another reason for favoring Frontier, which, like Spirit, is an ultra-low-cost carrier that charges rock-bottom fares but also many extra fees. Spirit has maintained that antitrust regulators are very unlikely to let JetBlue buy Spirit and remove its low fares from the market.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Frontier Airlines Sweetens Offer for Spirit Merger as Shareholder Vote LoomsFrontier Airlines has sweetened its offer to combine with fellow budget carrier Spirit, less than a week before Spirit shareholders are set to vote on the deal. SWFTC
Source: nbcsandiego - 🏆 524. / 51 Read more »

Spirit renews support for Frontier merger after it boosts offerSpirit Airlines Inc said on Friday it has renewed its support for a merger deal after Frontier Group Holdings raised its cash offer by $2 per share to buy its rival ultra-low cost airline, according to a regulatory filing.
Source: Reuters - 🏆 2. / 97 Read more »

Frontier Airlines Sweetens Offer for Spirit Merger as Shareholder Vote LoomsFrontier Airlines has sweetened its offer to combine with fellow budget carrier Spirit, less than a week before Spirit shareholders are set to vote on the deal. SWFTC
Source: nbcsandiego - 🏆 524. / 51 Read more »

Spirit renews support for Frontier merger after it boosts offerSpirit Airlines Inc said on Friday it has renewed its support for a merger deal after Frontier Group Holdings raised its cash offer by $2 per share to buy its rival ultra-low cost airline, according to a regulatory filing.
Source: Reuters - 🏆 2. / 97 Read more »