JetBlue Boosts Bid In Spirit Hostile Takeover Attempt

Bloomberg News reports:

JetBlue Airways Corp. improved its offer for Spirit Airlines Inc., boosting a breakup provision to $350 million and adding an upfront cash payment days before shareholders will vote on a pending buyout agreement with Frontier Group Holdings Inc.

The revised offer increases JetBlue’s reverse breakup fee by $150 million and provides for about $164 million payable as a cash dividend “promptly following” a vote approving a combination of the carriers, the airline said in a statement Monday. That pushed the total value of the proposal to about $3.4 billion.

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