— and issued a letter to Spirit shareholders as part of its attempt to derail the Frontier deal, with Chief Executive Officer Robin Hayes arguing that his own proposal offers more value, more certainty and more benefits for all stakeholders.
A Frontier-Spirit Airlines combination, though not so big, would create the largest US deep discounter just as domestic leisure travel bounces back from the Covid-19 pandemic. Under the Frontier deal, investors in Spirit would receive 1.9126 Frontier shares and $2.13 in cash for each Spirit share. Frontier shareholders would own 51.5% of the combined company.
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