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Frontier sweetens offer for Spirit Airlines merger as shareholder vote looms

Frontier sweetens offer for Spirit Airlines merger as shareholder vote looms

A Frontier Airlines plane near a Spirit Airlines plane at the Fort Lauderdale-Hollywood International Airport on May 16, 2022 in Fort Lauderdale, Florida.

Joe Raedle | Getty Images

Frontier Airlines sweetened its offer to combine with fellow budget carrier Spirit Airlines, that airline said late Friday, less than a week before Spirit shareholders are set to vote on the deal on Thursday.

The new offer, $2 per share more than Frontier’s original cash-and-stock bid, comes after JetBlue Airways repeatedly upped its offer to buy Spirit outright, an an all-cash deal.

Frontier also increased its offer for a reverse break-up fee if the deal doesn’t get approved with regulators, to $350 million, from $250 million, previously. That matches the reverse break-up fee JetBlue offered.

Shares of Spirit and Frontier each rose in after-hours trading after Spirit’s statement. JetBlue was slightly lower.

This is breaking news. Please check back for updates.

By : ILIAS ELABDI Date : June 24, 2022 Category : Travel News & Insights Comments :

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