Spirit Airline to Begin Talks With JetBlue on Takeover Bid
2022.04.08 17:33
By Sam Boughedda
Investing.com — Spirit Airlines Inc (NYSE:SAVE) said late Thursday that it intends to engage in discussions with JetBlue Airways (NASDAQ:JBLU) regarding its $3.6 billion bid.
Spirit said that after consultation with outside financial and legal advisors, the acquisition proposal from JetBlue could likely lead to a “Superior Proposal.”
The company had already agreed to a merger deal with Frontier Group (NASDAQ:ULCC), but that is now on the rocks following JetBlue’s bid.
JetBlue has claimed it is “the best partner for Spirit.”
However, Spirit added that while it intends to engage in discussions with JetBlue, it remains “bound by the terms of the merger agreement with Frontier, and Spirit’s Board has not determined that JetBlue’s proposal in fact constitutes a Superior Proposal as defined in the merger agreement with Frontier.”
JetBlue shares are down 1.82% Friday, while Spirit Airlines is up 0.5%.
