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.
Read the full article.
JetBlue sweetened its bid for discount carrier Spirit as it doubles down on efforts to thwart an existing takeover deal by Frontier https://t.co/diKbhhsOWZ
— The Wall Street Journal (@WSJ) June 6, 2022