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Airline merger: Frontier sweetens offer for Spirit Airlines

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Frontier 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.

FILE - A line of Spirit Airlines jets sit on the tarmac at Orlando International Airport on May 20, 2020, in Orlando, Fla. Frontier Airlines on Friday, June 24, 2022, 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.

Spirit said that, given the sweetened terms, its board reiterated its unanimous recommendation that shareholders approve the Frontier offer at a special meeting next Thursday. Frontier's stock-and-cash offer would give Spirit shareholders 48.5% of the new, combined airline — which does not yet have a name. That means investors willing to hold the stock could come out ahead if the shares rise enough in price.

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