Spirit Airlines to start talks with JetBlue on takeover bid

  • Spirit Airlines (NYSE:SAVE) said it plans to enter talks with JetBlue (NASDAQ:JBLU) after deeming its $33/share all-cash offer could likely lead to a "superior proposal" over Frontier Communications 's (NASDAQ:ULCC) stock and cash deal.
  • Spirit (SAVE) remains bound by the terms of the merger agreement with Frontier Communications (ULCC), and Spirit's board hasn't determined that JetBlue's proposal in fact constitutes a superior proposal as defined in the merger agreement with Frontier Communications , according to a statement.
  • JetBlue on Tuesday offered $33/share in cash for Spirit Airlines, what it described as a 37% premium to Frontier Communications 's (NASDAQ:ULCC) stock and cash deal with Spirit that was announced in February.
  • Frontier Communications (ULCC) on Tuesday said a combination of JetBlue and Spirit would raise fares and limit flight options, Bloomberg reported, citing an email from the airline. Frontier Communications didn't say whether it planned to raise its offer for Spirit.

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