Click here to show YOUR banners on this page and only pay for success

Airlines Airport Aviation Breaking Travel News Business Travel Investment News People Rebuilding Tourism Transportation Travel Wire News USA

Spirit Airlines confirms receipt of unsolicited proposal from JetBlue

Spirit Airlines confirms receipt of unsolicited proposal from JetBlue
Spirit Airlines confirms receipt of unsolicited proposal from JetBlue
Written by Harry Johnson

Spirit Airlines, Inc. today announced that it has received an unsolicited proposal from JetBlue Airways to acquire all of the outstanding shares of Spirit’s common stock in an all-cash transaction for $33.00 per share.

Consistent with its fiduciary duties, the Spirit Board of Directors will work with its financial and legal advisors to evaluate JetBlue’s proposal and pursue the course of action it determines to be in the best interests of Spirit and its stockholders. The Board will conduct this evaluation in accordance with the terms of the Company’s merger agreement with Frontier and respond in due course. Spirit shareholders do not need to take any action at this time.

As announced on February 7, 2022, Spirit Airlines entered into a merger agreement with Frontier Group Holdings, Inc., parent company of Frontier Airlines, Inc., under which Spirit and Frontier would combine in a stock and cash transaction. Under the terms of the merger agreement, Spirit equity holders would receive 1.9126 shares of Frontier plus $2.13 in cash for each existing Spirit share they own. The transaction is subject to customary closing conditions, including completion of the regulatory review process and approval by Spirit stockholders.

Barclays and Morgan Stanley & Co. LLC are serving as financial advisors to Spirit and Debevoise & Plimpton LLP is serving as legal advisor.

Spirit Airlines, Inc. (stylized as spirit), is an American ultra-low-cost carrier headquartered in Miramar, Florida, in the Miami metropolitan area. Spirit operates scheduled flights throughout the United States and in the Caribbean and Latin America. Spirit was the eighth largest passenger carrier in North America as of 2020, as well as the largest ultra-low-cost carrier in North America.

JetBlue Airways is a major American low-cost airline, and the seventh largest airline in North America by passengers carried. JetBlue Airways is headquartered in the Long Island City neighborhood of the New York City borough of Queens; it also maintains corporate offices in Utah and Florida.

In 2020, it ranked #394 financially on the Fortune 500 list of the largest United States corporations by total revenue. JetBlue operates over 1,000 flights daily and serves 100 domestic and international network destinations in the U.S., Mexico, the Caribbean, Central America, South America, and Europe. JetBlue is not a member of any of the three major airline alliances, but it has codeshare agreements with 21 airlines, including member airlines of Oneworld, SkyTeam, Star Alliance, and unaffiliated airlines.

Related News

About the author

Harry Johnson

Harry Johnson has been the assignment editor for eTurboNews for mroe than 20 years. He lives in Honolulu, Hawaii, and is originally from Europe. He enjoys writing and covering the news.

Leave a Comment

Share to...