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Frontier Airlines adds cash to sweeten offer for Spirit merger

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The Denver-based airline also raised the amount it would pay Miramar, Florida-based Spirit if antitrust regulators stop the deal.

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.

 

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