Frontier Group sees a deal with Spirit Airlines after revised offer
2022.06.28 05:36
Spirit and Frontier Airlines logos are seen in this illustration taken June 27, 2022. REUTERS/Dado Ruvic/Illustration
CHICAGO (Reuters) – Frontier Group Holdings Chief Executive Barry Biffle said on Monday the company’s revised offer for Spirit Airlines (NYSE:SAVE) Inc will be enough to secure a merger deal with the ultra-low-cost carrier.
“We’re really excited about it and getting good feedback,” Biffle told Reuters in an interview.
Frontier has been vying with JetBlue Airways (NASDAQ:JBLU) Corp to acquire Spirit. Either of the deals would create the fifth-largest U.S. airline.
Denver-based Frontier last week bumped up the cash component of its offer for Spirit by $2 per share to $4.13 per share and agreed to prepay $2.22 per share as a cash dividend to Spirit stockholders following approval of the transaction. It also increased its reverse termination fee to Spirit by $100 million to $350 million.
