Spirit Airlines urges stockholders to fend off JetBlue

Thursday, 19. May 2022 13:10

Spirit Airlines Inc. Board of Directors urged the stockholders on Thursday to reject JetBlue Airways Corporation's tender offer.

The company's Board decided "after consultation with its outside financial and legal advisors," that JetBlue's "unsolicited tender offer to acquire all outstanding shares of Spirit's common stock for $30 per share in cash" does not serve the best interest of Spirit and its stockholders.

The Board concluded that "the JetBlue transaction faces substantial regulatory hurdles" and as such the offer from the latter is not "superior to Spirit's agreed merger transaction with Frontier." Board Chairman Mac Gardner added that JetBlue has not "addressed the core issue of the significant completion risk and insufficient protections for Spirit stockholders."

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Baha Breaking News (BBN) / AY