Source: Spirit Airlines
Spirit Airlines, Inc., today confirmed receipt of a revised proposal from JetBlue Airways (“JetBlue”) (Nasdaq: JBLU) to acquire all of the outstanding shares of Spirit’s common stock.
Consistent with its fiduciary duties, the Spirit Board of Directors will work with its financial and legal advisors to evaluate JetBlue’s revised proposal and pursue the course of action it determines to be in the best interests of Spirit and its stockholders. The Board will conduct the evaluation of JetBlue’s revised proposal in accordance with the terms of the Company’s merger agreement with Frontier Group Holdings, Inc. (“Frontier”) (NASDAQ: ULCC) and provide an update to stockholders ahead of the Special Meeting of Spirit Stockholders scheduled for Thursday, June 30, 2022. Spirit stockholders do not need to take any action at this time.
As previously disclosed, Spirit is continuing to engage in discussions with JetBlue and is continuing to work with Frontier under the terms of the existing merger agreement between Spirit and Frontier. As part of this process, Frontier and JetBlue have been given access to the same extensive due diligence information, on the same terms. Spirit continues to be bound by the terms of its merger agreement with Frontier, under which a “Superior Proposal” is defined as being both reasonably capable of being consummated and more favorable to Spirit’s stockholders from a financial point of view.
Barclays and Morgan Stanley & Co. LLC are serving as financial advisors to Spirit, and Debevoise & Plimpton LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP are serving as legal advisors.