The drawn-out bidding war between JetBlue Airways and FlyFrontier Airlines over SpiritAirlines Airlines has taken another turn.
JetBlue came in with what it characterized as its “last, best, and final” offer for the airline, at $3.7 billion in cash. Frontier asked Spirit to delay a stockholder vote again on Frontier’s offer of $2.6 billion in cash and stock, which was scheduled to run July 15-27, so it could try to improve its offer for the discount carrier.
The reason for JetBlue’s decline was all the flight delays and cancellations. Regulators who have to approve any final deal are applying close scrutiny, though they’re raising some competition concerns about some Frontier routes as well. As things stand, Leff said he thinks “Spirit shareholders should prefer the JetBlue deal even if it is blocked by regulators.” This would trigger a “$400 million termination fee, and they still have their stock, including the option of selling the airline in the future.”
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