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Spirit, Frontier abandon merger bid, paving way for JetBlue deal

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The Frontier offer was worth more than $2.6 billion in cash and stock, far short of JetBlue's all-cash bid of $3.7 billion.

A combination of Spirit with either Frontier or JetBlue would create the nation’s fifth-largest airline, although it would be still quite a bit smaller than American, United, Delta and Southwest.Attention now will turn toward regulatory hurdles to a deal between Spirit and JetBlue.

Frontier and Spirit announced their deal on Feb. 7, saying they would create a huge discount airline that would save consumers $1 billion a year in airfares by creating a powerful new competitor to American, United, Delta and Southwest. Flight information for a Spirit airlines flight is displayed on the information board at the Miami International Airport on July 27, 2022 in Miami, Florida. Once Spirit was in play for a merger, however, JetBlue CEO Robin Hayes decided that he could not sit back and watch two budget carriers combine and leapfrog his airline in size. On April 5, JetBlue started a bidding war by announcing its own plan to take over Spirit.

Both Frontier and JetBlue raised their bids in recent weeks, including and increasing break-up fees for Spirit shareholders.

 

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